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GAZPROM WILL REDUCE ITS CARBON FOOTPRINT BY PROVIDING FLARE GAS FOR MINING

GAZPROM WILL REDUCE ITS CARBON FOOTPRINT BY PROVIDING FLARE GAS FOR MINING 

The Russian government continues to establish links with major players in the cryptocurrency mining industry despite constant skepticism about the legalization of cryptocurrency trading and payments.


Russian government gas chief Gazprom Neft has entered into a partnership with BitRiver, Russia's largest crypto-mining colocation service provider that provides major crypto mining services. Gazprom will provide BitRiver partner data centers with related petroleum gas, the companies officially announced on June 16.


As part of the partnership, BitRiver will develop a digital infrastructure based on Gazprom's oil fields that provides crypto mining mining services.


Gazprom's first deputy CEO Vadim Yakovlev emphasized that Gazprom's business model, in itself, does not see the use of digital assets. The gas giant aims to improve the use of renewable energy sources to enable renewable energy by enabling “new ways to use petroleum-related gas,” he noted, saying:


“Reducing our carbon footprint is an important part of Gazprom Neft's ESG policy. [...] By combining technology and energy with partners, we are creating the industry's best practices for efficient use of natural resources and environmentally friendly. ”

Gazprom is one of the largest oil and gas companies in Russia and one of the largest gas suppliers in the European Union. The oil giant is reportedly listed as the third largest producer in the world of carbon emissions since 2019.


According to the proclamation, crypto-fired mining mining projects are particularly important when operating in new oil fields that do not have a fixed gas distribution infrastructure. Another option is to set up such developments in remote oil fields in Siberian regions as such camps are associated with more electricity and unprofitable fossil fuels.


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 capacity to 2 gigawatts over the next two years.


The Russian government has previously considered a project to mine Bitcoin with a related petroleum gas in October 2021.



Russia is a major player in the global energy markets and Bitcoin (BTC) mines. The country has been the world's third-largest hash producer since August 2021, according to the Cambridge Bitcoin Electricity Consumption Index. According to a recent index update, Russia dropped to fifth place as its BTC hash level dropped to 8.6 EH / s in January 2022 from 13.6 EH / s in August 2021.

Source: cointelegraph




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