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The budding relationship between cryptocurrency and oil
Mar 28, 2022

The budding relationship between cryptocurrency and oil

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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.”

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The team

Michael Lipkin Senior Producer
Stephanie Hughes Producer
Jesus Alvarado Assistant Producer