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Russian oil giant to mine Bitcoin with gas power

Russian oil giant to mine Bitcoin with gas power

Gazpromneft, a subsidiary of gas giant Gazprom, one of the world’s largest companies, has also started mining cryptocurrencies.

Bitcoin mining is now impossible only with a computer with a powerful video card. This job becomes more difficult every 4 years with the reduction of rewards, especially for miners, and only large companies can devote huge resources to BTC mining. Wind energy, oil extraction platforms, hydroelectric power plants are the most used roads… Gazpromneft, a subsidiary of gas giant Gazprom, one of the largest companies in the world, has also descended into cryptocurrency mining.

Gazpromneft has opened a cryptocurrency mining facility at one of its oil exploration and drilling sites in Siberia. The company will now spend its energy from oil and gas resources on Bitcoin mining.

Russian State Joint
As it is known, Gazprom, a division owned by the Russian state, is the 10th largest in the world. oil company and pioneer of North and South Stream pipelines that carry Russian natural gas to Europe. Gazpromneft, a subsidiary of the company, is also a shareholder of the Russian government, and they have made it clear that they will now start mining Bitcoin. As it will be remembered, earlier this year, another important Russian company, nuclear energy firm Rosatom, opened its energy resources to miners.

Located in the Khanty-Mansiysk region of Northwestern Siberia, the plant has a power plant that converts gas from the oil field into electricity. Carbon dioxide gas generated during ptro drilling creates a huge responsibility for oil extraction companies. The resulting gas is sometimes burned and mixed into the atmosphere. This causes companies to be punished. But now they can use this gas for a completely different job by turning it into electricity.

As is known, the biggest problem in cryptocurrency mining is that the electricity needed by mining devices is usually expensive outside of a few countries in the world. Putting mining facilities in oil fields and using the free electricity generated from it creates extra revenue for oil companies. Gazpromneft’s policy is also made by some companies in the North American (us and Canada) region, which have recently come to the forefront in cryptocurrency mining.

Gazpromneft has no intention of doing its mining operations alone at the moment, but a spokesman for the company said in a statement that mining companies could open their facilities.

Gazpromneft had also started a small-scale mining activity with the mining company Vekus. Vekus, which ordered 150 of Bitmain’s S7 ASIC devices, had extracted 1.8 BTC using 49500 cubic metres of gas.

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