Power Marketplace’s public service journalism 💙 Give Now
The budding relationship between cryptocurrency and oil
Mar 28, 2022

The budding relationship between cryptocurrency and oil

Crypto miners need a lot of energy to work. Oil companies are thinking about supplying that demand with their excess gas.

We’re wrapping up our series on cryptocurrency mining, the energy-intensive computing process that does all of the accounting for most cryptocurrencies.

Marketplace’s Andy Uhler previously reported on how crypto miners were drawn to the small Texas town of Rockdale because of its robust electric power infrastructure that hasn’t seen much use in recent years.

Elsewhere in Texas, oil and gas companies are starting to get involved in crypto mining.

Note: This story originally aired on “Marketplace.” You can read the web version here.

Related links: More insight from Kimberly Adams

CNBC covered the news of ConocoPhillips’ pilot program in North Dakota where the company is selling its excess natural gas to a third-party bitcoin processor.

The Guardian published a piece last year that digs into this potential solution to oil companies’ excess natural gas problem. Climate experts cited in the article warn that it’s not much of a fix at all, with some calling it a “false solution” and others describing it as just a “scam.”

The future of this podcast starts with you.

Every day, the “Marketplace Tech” team demystifies the digital economy with stories that explore more than just Big Tech. We’re committed to covering topics that matter to you and the world around us, diving deep into how technology intersects with climate change, inequity, and disinformation.

As part of a nonprofit newsroom, we’re counting on listeners like you to keep this public service paywall-free and available to all.

Support “Marketplace Tech” in any amount today and become a partner in our mission.

The team

Daniel Shin Daniel Shin
Jesus Alvarado Assistant Producer

This is NOT a paywall. 

Marketplace is community-funded public service journalism. Give in any amount that works for you – what matters is that you give today.