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- Crypto miners are receiving the luxury of using profitable gases released from oil-drilling areas to use as electricity.
- Gazprom is the 10th largest oil-drilling company globally and is presently planning on expanding its reach to more mining companies.
- Contractors like Vekus have planted massive 150 units of chips in the oil-drilling platforms to use the electricity and make huge profits from the most costly resources.
A power source generating electricity from various gases was recently set up in Siberia as the first electricity source venue for Bitcoins mining. These initiatives proved to be of great benefit for miners and the oil generating companies. For consumption, they require large quantities of energy from which the intruding gases have to be removed and filtered.
Gazprom Neft, a giant oil-drilling company in Russia, had initially started as a crypto mining farm. It used to run on the energy from associated gas. These energies unlocked Russia’s oil and gas resources, which was for the very requirement of Bitcoin’s mining.
The venue for the company’s crypto mining is located in one of the oil-drilling spots, and for BTC, it was in the Khanty-Mansi Autonomous Okrug, Siberia. This site used to consume the associated gas that is released from the oil fields of Gazprom Neft as their source for energy. It also possesses its own power plant where the associated gas is transformed into electricity.
PROFITS FROM USING ENERGY RESOURCES FROM OIL-DRILLING PLATFORMS
The gases that are being drained and reused as fuel prove to be a liability for the oil-drilling companies. These gases have to be burned and released into the atmosphere. One process by which these gases could be used effectively is by generating electricity from them. We know that the greatest cost is electricity, which is used for the power-mining of rigs.
The highest profits that could be made is by having a mining farm near an oil-drilling platform, where the farm could use free electricity supply from the gases that are liberated for free as it is a waste for the oil companies. However, this is not the first initiative; companies like Crusoe and Upstream data of North America are already using these techniques in Canada and the US’s oil-drilling sites.
INITIATIVES TAKEN BY GAZPROM NEFT ON CRYPTO MINING
Gazprom Neft has decided to open its platform to allow crypto miners to use their waste gases to produce electricity, but it has not planned on opening any mining farm of its own. Gazprom Neft started a small project with the Vekus mining company.
Vekus happened to place a vast 150 units of chips of Bitmain’s Antminer S7 ASI BTC on the platform’s site. The machine used over 49,500-meter cubes of gas to mining 1,8 BTC in one month. Gazprom is planning on involving more and more clients and expanding its reach. Gazprom is the 10th largest oil producer in the world. The nordNord and South Stream gas pipelines of Russia bring the gas supply to Europe.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
