Russian state oil company opens Bitcoin mining farm

Charlie Taylor


Gazpromneft, a Russian subsidiary of monopoly oil and gas giant Gazprom, a public company with majority control of the Russian state, now plans to supply energy to bitcoin mining farms.
The company plans to supply power to cryptocurrency mining farms near an oil and gas drilling site in Siberia. This strategy will allow the company to use energy resources from the exploitation of gas and oil for mining.
Gazprom is currently the 10th largest oil producer in the world, with the Russian Federation currently the majority shareholder of the company, owning around 50.23% of the company's total shares.
Division of Gazprom shares. Source: Statista. Division of Gazprom shares. Source: Statista. Coinext 760x150

This is not the first time that a company belonging to the Russian government has ventured into this market. Earlier this year, Rosatom State Atomic Energy Corporation, also a monopolist in the nuclear energy market, opened a location for bitcoin mining.

Energy saving

The CO2 released during drilling is usually a problem for oil companies, which is usually burned, which creates fines for companies. One way to mitigate this effect is with the production of electricity.
Since cryptocurrency mining consumes a high energy value, using this surplus energy for mining is a great way to take advantage of resources.
The company has stated that it does not wish to carry out mining on its own, but intends to cede the energy produced to miners. A pilot was already carried out with mining company Vekus last fall. According to a statement, 150 Bitmain Antminer S7 ASICs extracted about 1.8 BTC in one month of operation.
What do you think about governments getting involved in the cryptocurrency market? Should this be beneficial or harmful to Bitcoin? Leave your opinion in the comments section below.
Read too: Bitcoin miner shares rise 420% in 2 months on Nasdaq


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