Russian oil workers want to start mining using associated gas – Bits Media

Russian oil companies submitted to the Ministry of Industry and Trade, Mincifers and Central Bank of the Russian Federation Project, involving cryptocurrencies in oil fields using concomitant gas.

We are talking about the use of associated petroleum gas to generate electricity and power supply for cryptocurrency mining equipment. At the same time, foreign investors are expected to participate in the project., since in Russia such activities are still in the “gray zone” - there is no full-fledged law on the circulation of public cryptocurrencies yet.

As a source told Kommersant, the offer came from a “large Russian oil producing company”, which plans to “scale” its cryptocurrency mining project in the deposits. However, the company’s management is afraid of regulatory restrictions and turned to the Ministry of Industry and Trade to receive feedback on the project..

“On the one hand, everything is logical: there is associated gas, from which energy can be generated. It is unprofitable to transport it, therefore it is necessary to use locally for your own needs. But, on the other side, This is a non-core business for oil workers and costly from the point of view of maintaining data centers.”, — says the head of the Association of Data Center Industry Participants Dorofeev.

Note, that associated gas from oil fields is already used abroad for cryptocurrency mining. So, More in 2019 Crusoe Energy said
on the creation of special mobile data centers for mining cryptocurrencies by burning excess gas.