Russia May Eventually Mine Bitcoin with Flare Gas

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The Russian gas giant Gazprom hopes to succeed at cutting down its carbon footprint. One of the ways it considers is the channeling of its flare gas to serve purposes of Bitcoin mining.

Russia changes its perspective

Anyone would have doubted that the Russian government would join hands with the leading players in the cryptocurrency mining sector at some point, but it just happened. To push to have it legalize cryptocurrency trading and payments haven’t succeeded, and it still upholds its skepticism.

The latest collaboration between BitRiver and the Gazprom Neft targets the delivery of hosting services to facilitate crypto mining operations. In addition, Gazprom discloses that it is ready to serve all the BitRiver’s partner data centers with the electricity they require to run operations. It sources electricity from its associated petroleum gas.

Leaders speak out

Gazprom’s first deputy CEO Vadim Yakovlev discloses sensitive information about the business model they deem progressive. He tells a lot about Gazprom’s business model, but the most outstanding point is the great reluctance to work with digital assets.

 The gas-producing company believes petroleum gas can serve diverse purposes. The leader calls for flexibility that paves the way to enable new ways to utilize and optimize energy resources. One of the main take-aways from his assertions is the essence of cutting down on the carbon footprint as an essential part of Gazprom Neft’s agenda.

Vadim believes that only the best principles will enable them to attain progress. He says it is a good idea to try and combine competencies and technologies with partners. Vadim looks forward to a future where it will become easy to develop the best industry practices to guide progress. He believes in the achievement of greater efficiency and also the establishment of an environmentally friendly utilization of natural resources.

Gazprom is a fast-rising company rated one of Russia’s biggest and most progressive oil and gas companies. This company also supplies the European Union with gas. Its growth has been tremendous because it currently ranks as the third-largest producer of carbon emissions globally, according to 2019 statistics.

BitRiver founder and CEO Igor Runets is pleased with the latest collaboration. He is optimistic that the company will reach its goal of ramping its power capacity to 2 gigawatts in two years.

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