Bitcoin Mining is an energy intensive process and BTC mining has faced a lot of criticism for the carbon footprints created by BTC mining. Bitcoin Mining is turning towards eco friendly energy sources and flare gas is being considered as a viable alternative since the gases are burnt anyway and is a waste which can be employed to produce electricity for crypto mining.
Bitcoin Mining Industry Could Benefit From Eco Friendly Russian Power
Despite animosity towards cryptocurrency and skepticism towards legalization of Cryptocurrency, Russia is keen to become the Crypto mining hub of the world. It is also forming partnership with the big players of the crypto mining industry.
Russia state owned gas behemoth Gazprom Neft has partnered with the largest crypto mining companies in Russia BitRiver. An announcement by the company on June 16 said that Gazprom in partnership with BitRiver will offer hosting services to mining operations. The associated petroleum flare gas will be utilized to produce the electricity required for the mining operation.
Bitcoin Mining Can Use Flare Gas Produced Power
According to Deputy CEO of Gazprom , Vadim Yakovlev, digital assets are not the company’s priorities. However it will ensure the optimum utilization of natural resources efficiently and in an environmentally friendly way.
The basic motto of Gazprom initiative is to reduce the carbon footprints and amalgamate the competencies with partners and technologies.
Gazprom besides being the biggest oil and gas firms of the world also is the chief provider of gas to Europe and the as is continuing to flow despite the sanctions on Russia for its invasion of Ukraine. It is also the third largest producer of carbon emissions which includes flare gas which is burnt and wasted. Flare gas is even more significant in new gas fields which do not have an established gas transmission system. This flare gas will be used for producing power which will be used immediately for crypto mining hubs.