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Tuesday, February 15, 2022

It's Starting -- Bitcoin Mining In North Dakota -- COP Providing Natural Gas -- February 15, 2022

From SeekingAlpha:

  • In an emailed statement, Conoco disclosed that the oil and gas producer is now selling natural gas to a bitcoin 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 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.

For bitcoin mining in North Dakota, see this post.

5 comments:

  1. As I consider Bitcoin mining to be a useless waste of energy, there's no difference with flaring. Heck, flaring is probably better as you don't have the waste involved in a generator.

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    1. One needs to read the recent analysis of the Bakken to see how this might be welcomed by some.

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  2. The proposed "farm" west of Williston teams up a convicted felon (the builder) with his buddy whose known associate already perpetrated a Bitcoin scam - as it has been reported. Really inspires confidence.

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    1. Yes, I saw that. I found a link but behind a paywall. I don't know the details, but I assume this is pretty much the norm for Bitcoin.

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    2. My first thought was Las Vegas when it was first envisioned and being built; and, then, of course, meat packing plants in the midwest; and then waste management companies in NYC; and then, of course we have the political machines, Trump, Hillary, Pelosi, Schumer, and the list goes on and on.

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