Oil and gas giant ConocoPhilips has entered the Bitcoin mining business in a bid to profitably reduce carbon emissions.
International oil and gas giant ConocoPhilips is dipping its toes into Bitcoin (BTC) mining as a way to eliminate the wasteful practice of flaring.According to a report from CNBC, the company is currently operating a pilot scheme in the oil-rich region of Bakken, North Dakota. Instead of burning excess gas, a byproduct of oil-drilling known as flaring, the company is selling it to a third party Bitcoin miner to be used as fuel. Speaking on the environmental impacts of “routine flaring”, a representative from the company stated that the decision to move into Bitcoin mining reflected the company’s overarching objective of reducing and “ultimately eliminating routine flaring as soon as possible, no later than 2030.” In a slide from a 2021 ConocoPhillips presentation, the company stated that it has a
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