What is Giga's solution to bitcoin's energy crisis?

To these two 23-year-old Aggie alums, it was a big problem with an obvious solution. Giga places a shipping container full of thousands of bitcoin miners on an oil well, then diverts the natural gas into generators, which convert the gas into electricity that is then used to power the miners.

Could bitcoin be used to pay for Russia's oil and gas exports?

Russia is considering accepting Bitcoin as payment for its oil and gas exports, according to a high-ranking lawmaker. Pavel Zavalny says "friendly" countries could be allowed to pay in the crypto-currency or in their local currencies.

What are bitcoin miners doing with flare gas?

Brent Whitehead and Matt Lohstroh are mining bitcoin off flare gas from oil drilling. Their company, Giga, places a shipping container full of thousands of bitcoin miners on an oil well, diverts the natural gas into generators, which convert the gas into electricity that is then used to power the miners.

Will oil and gas dominate the bitcoin mining industry?

Countless bitcoin miners now say that oil and gas is going to dominate the crypto mining industry in the coming decades, which bodes well for Giga’s business model. “It’s a frenzy out there,” said Barbour. But Lohstroh tells CNBC the next stage is for the energy producers themselves to become the bitcoin miners.