Russian Oil Giant Provides Excess Gas to Operations Powering Bitcoin Mining Devices

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The firm Gazpromneft, an oil subsidiary of the Russian natural gas and global energy company Gazprom, is giving bitcoin mining operations the chance to power operations by using excess gas for electricity. The Russian firm has allowed a small mining operation to benefit from the excess gas by mining bitcoin on-site at the oil field.

According to multiple reports, the Russian oil drilling subsidiary Gazpromneft is giving bitcoin miners the ability to utilize excess gas from oil drilling to mine the leading cryptocurrency.

A small mining operation called Vekus was the first to leverage Gazpromneft’s excess gas just like mining operations in North America such as Greenidge Generation, Crusoe Energy Systems, EZ Blockchain, and Upstream Data. The regional publication Forklog said that Vekus installed a container filled with 150 Antminers and during the test pilot the group used “49,500 cubic meters of associated gas and produced 1.8 BTC.”

The CFO of Vekus, Yuri Kudryashov, commented on the project and said:

The lion’s share of the cost of mining is electricity costs. For this reason, Vekus is constantly looking for reliable sources of cheap electricity. We gladly responded to the proposal of Gazpromneft to organize a pilot…

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