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Saturday, January 23, 2021

Cryptocurrency Mining Farm Launched By Oil Drilling Russian Giant

A cryptocurrency mining farm has been opened up by Russian natural gas company Gazprom on one of their sites of oil drilling in Siberia, thereby unlocking the potential of Russia’s gas and oil resources for taking care of mining of bitcoin.

The subsidiary of the Russian giant natural gas company, Gazpromneft is turning towards a very different type of exploration. Gazprom is a company that has the government of Russia as one of its shareholders. It is the world’s 10th largest oil producer and Russia’s gas monopolist. The company is responsible for spearheading numerous mega projects involving gas pipelines that are cross-border such as South Stream and North Stream, that help in transporting the gas towards Europe.

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Gazprom’s direct subsidiary, Gazpromneft is probably the one government-owned company that has a huge interest in the cryptocurrency mining industry. Early this year, it was reported that Rosatom, the nuclear power monopolist of Russia is on its way to opening its supplies of energy for the miners too.

Gazprom Eliminates The Greatest Cost In Cryptocurrency Mining

Located in Khanty-Mansiysk, northwestern Siberia, the venue utilizes the oil field’s associated gas as its energy source, thereby transforming the energy of gas into the energy of electricity using its power plant. The carbon-di-oxide that gets released during oil drilling is generally a matter of liability for the companies as it has to get rid of it into the air which forces them to pay fines. But there are ways of utilizing it and one such way is the generation of electricity. During cryptocurrency mining, the greatest cost is incurred for electricity that is responsible for powering the rigs of mining.

Locating the mining operations on the sites of oil drilling where there is an abundance of gas for providing free electricity has the capability of benefiting both the miners and oil companies.

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