Wesco Operating Co., an oil producer near Moab, Utah, found in Bitcoin a solution to a years-old problem – the wastage of natural gas that can’t be shipped to market, The Salt Lake Tribune reported.
The company pumps crude oil out of 18 north of Moab, producing natural gas as a byproduct. However, it had been torching a big part of that gas because it couldn’t ship it to market. But now, Wesco is using it to mine bitcoin.
Wesco representative Steve Degenfelder told The Salt Lake Tribune that rather than eliminating the natural gas by burning it off, the company is now burning it to run electrical generators, which in turn power bitcoin mining rigs.
