Gazprom Neft invites crypto miners to use company’s energy resources – Realnoe vremya

Gazprom Neft invites crypto miners to use company’s energy resources – Realnoe vremya

Associated gas from oil drilling can be used to produce electricity for mining farms

The first venue for bitcoin mining powered by electricity transformed from associated gas has recently been opened in Siberia. Such cooperation is beneficial both for miners, as they consume a lot of electricity, and for oil companies, which need to get rid of associated gas.

Russian oil drilling giant Gazprom Neft opened a crypto mining farm running on associated gas energy unlocking the power of Russia’s oil and gas resources for the needs of bitcoin (BTC) mining, reports Yahoo Finance. The venue for cryptocurrency mining is on one of the company’s oil drilling sites in the Khanty-Mansi Autonomous Okrug in Siberia. It is using the associated gas from Gazprom Neft’s oil field as an energy source and has its own power plant to transform this gas into electricity.

Normally, the gas that gets freed during the oil drilling is a liability for oil companies, as they have to burn it into the atmosphere. Electricity generation is one of the ways to utilise the gas instead of wasting it. At the same
Source…