Russian oil wells to mine crypto

Russian oil companies have proposed to use excess gas from drilling to power crypto mining rigs

If approved by Russian institutions, the country’s oil industry will set up mining rigs for blockchain assets directly at their extraction sites. Excess petroleum gas that would otherwise be wasted can be reused to reach the high energy demand of large-scale mining, one of many welcome initiatives to reduce the carbon footprint of cryptocurrencies.

So far, the law “On Digital Financial Assets” adopted last years reduces the status of cryptocurrencies in Russia to nothing more than commodities prohibited to be used in any sorts of payment settlement, however recent statements of government officials on the “Dedollarization” of the Russian economy suggests a reformed stance on digital assets as alternative to the US greenback.

In fact, state-run Gazprom has already minted 1.8 Bitcoin in January. While the idea in itself is therefore not entirely new, the idea of private companies setting up rigs is literally a big deal for the Russian and international crypto community. Chinese investors, who were banned from any sort of crypto mining or transaction, are explicitly targeted and might seize their chance to re-enter the market.

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