Energy giant ConocoPhillips to use excess natural gas to power bitcoin mining operations

Oil and gas exploration and production giant ConocoPhillips (COP) is pumping excess natural gas from a project in its Bakken, North Dakota, region to provide the necessary electricity for bitcoin mining operations.

"ConocoPhillips currently has a bitcoin pilot in Bakken, where gas that would otherwise be flared is routed to a bitcoin processor owned and managed by a third party," a ConocoPhillips spokesman said.

ConocoPhillips management said on a recent conference call that the company is committed to further reducing methane emissions and achieving a "zero conventional flaring goal" by 2025.