Russia plans to mine Bitcoin using flare gas

Russia continues its goal of becoming a leading cryptocurrency hub. The recent sanctions imposed on the country have prompted government agencies to look for alternative ways to interact with the crypto space to sustain the economy.

Russia is now turning its attention to the cryptocurrency mining industry. The country plans to start legalizing cryptocurrency trading and payments despite being skeptical of cryptocurrency trading and payments.

Dodging sanctions and investing in infrastructure

Gazprom, a state-owned gas company based in Russia, has partnered with BitRiver, a company that provides hosting services for major cryptocurrency mining companies. Gazprom will provide Gazprom’s data centers with electricity created from associated petroleum gas.

Through this partnership, BitRiver will create the necessary digital infrastructure in the oil fields that Gazprom needs to support its flaring gas crypto mining services. Gazprom’s first vice president, Vadim Yakovlev, said that the business model needed for Gazprom does not involve digital assets.

The gas company is also working on optimizing the use of energy resources to support the growth of renewable energy. Yakovlev said the company is committed to supporting new beneficial use cases of associated petroleum gas.

“Reducing our carbon footprint is an essential component of Gazprom Neft’s ESG policy. By combining technologies and competencies with partners, we create industry best practices for the efficient and environmentally friendly use of natural resources”, added the executive.

The announcement said that cryptocurrency mining projects that rely on flare gas are relevant for those working in new oil fields that do not have a solid gas transmission infrastructure. The company also has the option to build these projects in remote Siberia-based oil fields. These fields are linked to surplus electricity and flaring gas logistics.

Read also: Kazakhstan asks exchanges to work alongside banks

Also Read: Trader Projects Future of Solana (SOL), Binance Coin (BNB), Avalanche (AVAX)

Also Read: NFT Platforms Multiply in China, Despite Government Warnings

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