Bakken houses one of the largest deposits of oil and natural gas in the U.S., a phenomenon that led to the “Bakken oil boom” that made the state of North Dakota the second leading oil-producing state in the country, behind only Texas.

With its Bitcoin pilot, ConocoPhillips is both monetizing energy that would otherwise be wasted and reducing its environmental impact as the process reduces CO2-equivalent emissions by over 60% compared to routinely flaring, according to research by Denver-based Crusoe Energy Systems. On the other side of the spectrum, the mutually-beneficial collaboration enables a bitcoin miner to turn stranded energy into increased security for the Bitcoin network and monetary profits for its business.