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- In an emailed statement, Conoco (NYSE:COP) disclosed that the oil and gas producer is now selling natural gas to a bitcoin (BTC-USD) miner in North Dakota.
- The Company indicated that they are not operator of the mine, and are supplying gas that would otherwise be flared.
- Conoco (COP) has set a target for zero routine flaring by 2030, and projects of this nature will help the company achieve its goal, though it will have no impact on the Company's scope three carbon emissions.
- Bitcoin mining represents a new way to evacuate unwanted natural gas without flaring or building expensive pipeline infrastructure; it will be interesting to see if the energy-intensive solution gains traction as producers look to eliminate routine flaring in the lower 48.