Tue, February 07, 2023

ConocoPhillips Lowers Gas Fire Discharge via Bitcoin Mining

Crypto Forecast, Cryptocurrencies

ConocoPhillips is an international oil and gas giant that handles fingers in bitcoin mining to eliminate useless practices on the wings. The company is reportedly currently implementing a pilot scheme in the oil-rich region of Bakken. Instead of burning excess gas and oil drilling by-products is, known as flaring, the company sells it to a third-party Bitcoin miner; This is to use it as fuel. Talking about environmental impact; For a routine explosion, a company spokesman said the decision to move to bitcoin mining reflects the company’s primary goal; it wants to reduce and then finally eliminate the regular explosion no later than 2030.

At the presentation of ConocoPhillips in 2021, the company said it has an ongoing focus on ensuring that gas catchment projects achieve zero routine ignition by 2025. Bitcoin mining offers a unique and lucrative opportunity; The solution to the problem of routine blasting, which occurs when mining companies accidentally get into natural gas formations while drilling for oil.

Oil can be extracted and collected anywhere; however, Natural gas extraction requires pipeline infrastructure. If the miners hit the gas at any significant distance from the pipeline, companies have to burn gas. This is ultimately an unprofitable and environmentally harmful procedure. Instead of allowing bitcoin miners to spend gas, the company places shipping containers or trailers near the oil well. It is full of crypto mining equipment; They supply gas to generators that power the equipment. ConocoPhillips did not disclose which Bitcoin miner it was selling to, nor how long the preliminary experiment lasted.

Conclusion

Crusoe Energy also benefited from bitcoin mining as a means of profitably reducing emissions; About 60 data centers and bitcoin mining units are fed redirected natural gas to their oil fields. Crusoe Energy technology reportedly reduces CO2 equivalent emissions; A total of 63% more than the usual routine blast.

Miners became increasingly concerned about finding new ways to use more sustainable energy methods in response to widespread criticism of Bitcoin mining, which usually stems from environmental problems. The Bitcoin Mining Board estimated the sustainable energy mix at 58.5% for the global industry in the fourth quarter of 2021. It is worth noting that miners in Norway even use residual heat to dry wood.

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