Russian officials consider proposal to use associated gas to mine Bitcoin

The Russian government is considering a new project to mine Bitcoin (Bitcoin) Associated petroleum gas.

According to reports, Russia’s Deputy Minister of Industry and Trade Vasiliy Shpak has submitted a proposal to the Central Bank of Russia and the Ministry of Digital Development, requiring the use of the country’s oilfield equipment to mine cryptocurrencies.

According to a report Kommersant submitted the proposal on September 7, asking the government to provide feedback on an initiative originally from a local oil and gas company.

These companies specifically propose to use associated gas to power nearby data centers to mine Bitcoin. This type of natural gas is a by-product of oil drilling, but due to the unbelievably high cost of proper natural gas infrastructure, it is often wasted through combustion, where the excess natural gas is simply burned.

The Russian government tried to reduce natural gas combustion to reduce emissions, but struggle The goal cannot be achieved due to the lack of the necessary infrastructure.

related: Bank of Russia assesses Bitcoin holdings because $36B left the bank

According to reports, Shpak pointed out in the letter that the use of natural gas for Bitcoin mining may increase the efficiency of the use of natural gas in thermal power generation through a “hybrid module for digital currency extraction.”

last week, Russian President Vladimir Putin said The use of cryptocurrency to settle oil transactions is “a bit early.” The President also acknowledged that cryptocurrencies have the potential to transfer funds around the world.

This article is under development and will be updated.

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