Major US oil company ConocoPhillips said it is selling associated gas to a mining firm that has installed equipment in fields in the North Dakota region.
According to CNBC, the oil company has decided not to launch its own mining farms. Instead, it sells associated gas to a mining company that has installed equipment in one of the largest oil fields in North America called Bakken.
Associated gas is usually simply flared, since it is rarely used for other purposes – it is necessary to build a pipeline, which is not always possible and cost-effective. And burning gas releases heat and CO2, putting oil companies under pressure from environmentalists.
ConocoPhillips did not say which mining company the gas is being sold to, but noted that using gas to mine bitcoin can reduce CO2 emissions by 63% compared to burning associated gas. Using associated gas to generate power for bitcoin mining has proven to be one of the best solutions for both oil companies and miners.
Recall that in the autumn of last year, Russian oilmen were also puzzled by the issue of using associated gas for cryptocurrency mining, submitting a corresponding project to the Ministry of Industry and Trade, the Ministry of Digital Development and the Central Bank of the Russian Federation.
Source: Bits
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