Fun

Bitriver to Mine Crypto Using Excess Gas From Gazprom Neft’s Oil Extraction

News Feed - 2022-06-19 03:06:55

Bitriver to Mine Crypto Using Excess Gas From Gazprom Neft’s Oil Extraction


Russian crypto mining operator Bitriver will use electricity generated from associated gas provided by Gazprom Neft to mint digital coins. As part of a new agreement, the mining company will in return develop the digital infrastructure at the oil producer’s wells in Russia. Crypto Mining Operator Bitriver to Cooperate With Russian Oil Giant Gazprom Neft


Russia’s third largest oil producer, Gazprom Neft, will power data centers operated by the country’s leading crypto mining company, Bitriver. The electricity needed for the production of digital currencies will be generated using associated petroleum gas, a form of natural gas found with oil deposits.


The arrangement is part of a memorandum of cooperation signed by the two companies during the St. Petersburg International Economic Forum, RBC Crypto reported, quoting a Bitriver representative. The announcement comes after the Russian mining operator was recently placed under U.S. sanctions.


In accordance with the agreement, the mining firm will develop the digital infrastructure at Gazprom Neft’s oil fields and provide services relying on computing hardware, the report details.


Gazprom Neft’s business model does not encompass digital currencies but the oil giant is seeking solutions that would allow the “beneficial use” of the associated gas obtained during oil extraction.


The infrastructure necessary to utilize the associated gas for the energy-intensive mining of crypto assets has been built already at Gazprom Neft enterprises in three Russian regions.


Gazprom Neft is the oil subsidiary of the Russian state-controlled natural gas giant Gazprom. Initial reports that the company is offering bitcoin miners an opportunity to use the excess gas from oil drilling came out in January, last year. U.S. companies have been using stranded gas to mint crypto, too.


Oil-rich Oman announced a plan to employ associated gas to mine bitcoin, with the goal of reducing harmful emissions into the atmosphere where this gas is usually vented or burned. The country bought a $350-million stake in the U.S. firm Crusoe Energy Systems Inc., which specializes in crypto mining with energy from excess fuel. Tags in this story associated gas, Bitcoin, Bitcoin Miners, Bitcoin mining, Bitriver, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, excess fuel, Gas, Gazprom, Gazprom Neft, Miners, mining, mining operator, natural gas, OIL, Russia, russian, stranded gas


Do you expect other oil companies to start cooperating with cryptocurrency miners to utilize associated petroleum gas? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Bitcoin"s Sinking Price Pushes Hashrate Below 200 Exahash, Mining Difficulty Expected to Slide 2.8% Lower MINING | 9 hours ago Bitcoin Hashrate Briefly Slips Below 200 EH/S During Market Rout, Less Than 100K Blocks Left Until the Halving MINING | 4 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUganda Claims Exploration Surveys Discovered 31 Million Metric Tons of Gold Next articleThe 2 Most Common Airdrop Phishing Attacks and How Web3 Wallet Owners Can Stay Protected Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Games Coins, Defi Tokens, Metaverse Assets Rise Above Market Downturn With Double-Digit Gains
Games Coins, Defi Tokens, Metaverse Assets Rise Above Market Downturn With Double-Digit Gains While digital currencies like bitcoin and ethereum lost roughly 10% in value during th
Felix Capital Raises $600 Million to Grow Web3 Exposure
Felix Capital Raises $600 Million to Grow Web3 Exposure Felix Capital, a London-based VC company, has raised $600 million in its fourth fundraising round, this being its biggest ye
Analyst Says SUI Price Could Fall To $1.6 — Here’s Why
Este artículo también está disponible en español. The SUI price registered its best seven-day performance yet — in 2025 — over the past week. However, the altcoin has
Mexico’s Third-Wealthiest Individual Adds Bitcoin to His Twitter Bio
Mexico"s Third-Wealthiest Individual Adds Bitcoin to His Twitter Bio Just recently the Mexican billionaire, Ricardo Salinas Pliego, joined Elon Musk and a number
$8.2 Million Worth of NFT-Based Artwork Sold in the Last Month of 2020 as ETH Prices Rally
$8.2 Million Worth of NFT-Based Artwork Sold in the Last Month of 2020 as ETH Prices Rally The non-fungible token-based artwork market witnessed a profitable end
Tom Blackstone9 hours agoUniswap launches Android wallet app with built-in swap functionThe Uniswap Android app has finished beta testing and is now publicly available.8545 Total views5 Total sharesListen to article 0:00
Cash2Bitcoin CEO Ayman Rida Explains Why Merchants Set up a Bitcoin ATM, Compliance and Regulation
Cash2Bitcoin CEO Ayman Rida Explains Why Merchants Set up a Bitcoin ATM, Compliance and Regulation Established in 2016, Cash2Bitcoin.com is one of the largest and fastest-growing c
Avalanche Adding Fiat Payments via Alchemy Pay (ACH) Integration
Avalanche Adding Fiat Payments via Alchemy Pay (ACH) Integration press release PRESS RELEASE. Avalanche has announced the integration of flexible fiat payment on-ramps on their netw
Russia’s Biggest Bank Sberbank Unveils Crypto Plans to Follow Upcoming Regulation
Russia"s Biggest Bank Sberbank Unveils Crypto Plans to Follow Upcoming Regulation The largest bank in Russia, the state-owned Sberbank, has reportedly unveiled i
Binance Gets VASP License From the Bank of Spain
Binance Gets VASP License From the Bank of Spain Binance, one of the largest crypto exchanges worldwide, has secured a license from the Bank of Spain that will let the exchange ope
Dogecoin Repeating History? This Setup Led To 150% Gains
Este artículo también está disponible en español. A new technical chart shared by crypto analyst Cas Abbé (@cas_abbe) on X is showing a recurring bullish pattern in Doge
Price analysis 9/30: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA
Rakesh Upadhyay6 hours agoPrice analysis 9/30: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADABitcoin and altcoins are witnessing end-of-month volatility, but traders remain upbeat about October due to the crypto marke