Russian crypto mining operator Bitriver to utilize associated gas from Gazprom Neft’s oil wells.
As part of a new agreement, the mining company will in return develop the digital infrastructure at the oil producer’s wells in Russia.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.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
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