In order to lower the occurrence of flaring excess gas, ConocoPhillips one of the world’s largest oil and gas exploration firms has entered the Bitcoin mining business. It plans to use surplus gas to fuel Bitcoin mining operations.
According to a CNBC story, the company is selling its extra gas to a third-party Bitcoin miner rather than burning it. The experiment is part of a trial program in the Bakken, a North Dakota oil-rich region.
The decision to join the BTC mining business, according to the firm’s spokesman, is in keeping with the company’s strategy of lowering the occurrence of flaring excess gas and using it productively. By 2030, the company intends to be free of flare.
Flaring issues will be addressed with the mining
The company, which has a global presence and operates in 14 countries, has released a number of studies describing how it plans to address flaring-related emissions in the “Lower 48” states, which includes the Bakken. It has also shown an interest in collaborating with technology that could help solve the ongoing issue of carbon emissions.
The Company has not revealed the names of the mining rigs that will provide the excess gas, but it is fortunate to have one near its gas production platform When transmission pipelines are clogged, oil and gas companies resort to flaring to get rid of excess gas. This is done as a safety precaution to prevent gas from accumulating.
There has been a heated debate in recent years over the carbon footprints left by BTC mining. Bitcoin mining necessitates massive amounts of low-cost electricity. Coal-fired power is the most cost-effective, yet it is extremely harmful to the environment.
There have been requests for BTC mining hubs to employ environmentally friendly power. Gas-fired power plants are cleaner, and ConocoPhillips will profit handsomely from gas that would otherwise be squandered.