Energy

ConocoPhillips is selling extra gas to bitcoin miners in North Dakota

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Employees arrive at ConocoPhillips headquarters in Houston, Texas.

F. Carter Smith | Bloomberg | Getty Images

Oil and gas major ConocoPhillips is in the bitcoin mining fuel business.

The company said in a statement to CNBC on Tuesday that it has one bitcoin pilot project currently operating in the Bakken, a region in North Dakota known as an important source of new oil production in the U.S.

A representative for ConocoPhillips said the company is not operating the crypto mine itself. Instead, it sells gas that would otherwise have been burned off to a bitcoin processor that is owned and managed by a third party.

Shares of ConocoPhillips are trading around 2.5% lower as of Tuesday…



Source cnbc.com

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