Russia has big plans for crypto mining. State-owned gas company Gazprom Neft will provide flare gas to BitRiver, the largest crypto-mining service supplier in Russia.
As part of the collaboration, BitRiver will be developing a digital infrastructure based on the oil fields that Gazprom provides crypto mining services from the flare gas.
Gazprom first deputy CEO Vadim Yakovlev emphasized that the business model of Gazprom, itself, doesn’t envision work with digital assets. The gas giant is rather aiming to optimize the use of energy resources ito enable renewable energy by enabling “new ways of beneficial use of associated petroleum gas,” he noted, stating:
“Reducing our carbon footprint is an essential component of Gazprom Neft's ESG policy. [...] By combining technologies and competencies with partners, we create the best industry practices for the efficient and environmentally friendly use of natural resources.” Gazprom is one of the largest oil and gas companies in Russia and also one of the biggest gas suppliers for the European Union. The oil giant was reportedlyAccording to the announcement, flare gas-powered crypto mining projects are especially relevant when working in new oil fields that do not have any established gas transmission infrastructure.
BitRiver founder and CEO Igor Runets noted that the new partnership with Gazprom is part of the company’s ambitious plan to increase its total power capacity to 2 gigawatt in the next two years.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia Is Pulling Off a Massive Art Heist in UkraineMuseum curators are hiding out in basements across Ukraine trying to protect the nation’s priceless cultural heritage from Russian invaders.
Read more »
China and Russia alarm Japan with Navy drills south of TokyoChinese and Russian warships have become an increasingly common sight near the borders of Japan's territorial claims.
Read more »
Live blog: Conflict between Russia, Ukraine could last years — NATO chiefRussia's attacks in Ukraine could last years and 'we must not let up in supporting' Kiev to take back Donbass region, says NATO Secretary General Jens Stoltenberg as the conflict enters into 116th day Follow our live coverage:👇
Read more »
Russia again cuts natural gas exports to European countriesRussia has reduced natural gas to Europe again as countries have worked to ease their dependence on Russian supplies amid the war in Ukraine.
Read more »
EXPLAINER: How Did the Russia-Ukraine War Trigger a Food Crisis?Russian hostilities in Ukraine are preventing grain from leaving the “breadbasket of the world.”
Read more »
Chipmakers brace for more trouble as Russia limits exports of rare gasesAfter grappling with pandemic-fueled supply bottlenecks, chipmakers are facing a new headache: Russia, one of the world's biggest suppliers of gases used to make semiconductors, has started to limit exports
Read more »