Oil giant ConocoPhilips reduces gas flaring emissions via Bitcoin mining
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....
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Just recently, the firm Arcane Research recently revealed a number of screenshots from the publicly traded energy firm, Equinor. The pictures show the multinational company leveraging natural gas flaring to power bitcoin mining operations. In recent years, using the unorthodox gas flaring scheme to mine bitcoin has become more prominent worldwide. The Norwegian state-owned multinational energy company Equinor (NYSE: EQNR) has recently announced joining the crypto economy, as the firm has partnered with Crusoe Energy Solutions to mine bitcoin. Equinor is a well known, publicly listed firm....
Wesco has stopped flaring excess natural gas and is now using it to mine bitcoin, reducing carbon emissions and increasing profits.
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While innovations in chipset manufacturing have helped reduce operational costs related to Bitcoin mining, a report from Arcane reveals the market’s potential to transform the energy industry. The flexibility behind running Bitcoin (BTC) mining operations can be vital to solving the real-world problems that stand in the way of the energy industry, suggests Arcane research.One of the biggest concerns authorities raise when it comes to Bitcoin’s mainstream adoption is its energy requirements. While innovations in chipset manufacturing have helped reduce operational costs related to Bitcoin....