ConocoPhillips is supplying a Bitcoin mining project with natural gas from the Bakken shale of North Dakota in a first for a major U.S. producer.
The gas supplied to the pilot project, owned and managed by a third party, would otherwise be burned into the atmosphere in a process known as flaring, Houston-based ConocoPhillips said in an emailed response to questions, without identifying the cryptocurrency miner.
Flaring is a common practice in the shale industry to discard gas that’s obtained as a byproduct of oil production, especially in areas where there’s no pipeline infrastructure to capture the gas.
The concept of using bitcoin mining as a solution to gas flaring is not a new one. Regulators such as the North Dakota Department of Mineral Resources have been looking into several projects that tackle the issue of gas flaring in the state.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience in implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor in this space. Stuart has led the “Total Corporate Digital Integration” platform at Sandstone and works with Sandstone clients to help integrate all aspects of modern digital business. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage and is the Co-Host of the energy news video and Podcast Energy News Beat.
Stuart is on Board Member of ASN Productions, DI Communities
Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.
