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The Russian government is considering a new project to mine Bitcoin (BTC). Notably, this will be by using associated petroleum gas.
Furthermore, Vasiliy Shpak, Deputy Minister of Industry and Trade of Russia makes a proposal with the Russian central bank. Of course, also with the Ministry of Digital Development. More so, this is to allow the use of the country’s oil field equipment for mining cryptocurrency.
Additionally, around Sept 7 Kommersant reports how the proposal demands the Russian Government to provide feedback. More so, the feedback is on an initiative originally coming from local oil and gas companies.
Notably, The firm’s proposal is to use associated gas to power nearby data centers for mining Bitcoin.
Meanwhile, This type of natural gas is a byproduct of oil drilling. However, because of the massive cost of proper gas infrastructure. This right here is usually wasted through burning.
Subsequently, The Russian government always tries to reduce gas flaring so as to reduce emissions. Notwithstanding, it has issues meeting the targets because of poor necessary infrastructure.
Lastly, The Russian Government using the gas for Bitcoin mining can improve the efficiency of natural gas usage. Especially, in thermal generation through “hybrid modules of digital currency extraction,”
So, The Russian President Vladimir Putin states that it is “a bit early” to use cryptocurrencies for oil trades settlements. However, He admits cryptocurrency ability to transfer funds globally.
More Updates on the news are coming! Stay tuned!
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