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.
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