Billionaire Shark Says He Owns ‘A Lot Of’ Ethereum ($ETH) and Polygon ($MATIC)

Oil and gas major ConocoPhillips is in the bitcoin mining fuel business.

The company said in a statement to CNBC on Tuesday that a bitcoin pilot project is currently underway in Bacon, a region of North Dakota known as an important source of new oil production in the United States.

A ConocoPhillips representative said the company was not operating the crypto mine itself. Instead, it sells gas that would otherwise be burned in a third-party-owned and operated bitcoin processor.

Shares of ConocoPhillips are trading about 2.5% lower as of Tuesday afternoon.