Just when we think we have seen it all, innovation comes to the forefront once more.
El Salvador made headlines when it announced plans to use geothermal energy from volcanoes to mine Bitcoin, which was made a form of legal tender within its borders.
Now we are seeing oil corporations in Russia doing something similar.
Oil fields always have flare gas shooting up from chimneys, pipes, and columns, and this flare gas just burns off into the atmosphere.
Trending: Hong Kong Is Cracking Down On Crypto
It is necessary, but all that energy is being wasted.
What if it wasn’t though?
Russian oil companies are reportedly going to make good use of all that flare gas—they’re going to use it to mine cryptocurrencies.
There are certain U.S. oil companies who have already done this in order to increase profitability.
Take a look:
Russian Oil Companies Want to Mine Crypto on Flare Gas
Russia’s Ministry of Digitalization and the Bank of Russia have been asked for official comments on the idea that oil companies might open mining farms on their oil rigs, using flare gas to generatehttps://t.co/33APVH8y9r pic.twitter.com/VOuupt5ViQ
— Cryptozi 📰 (@CryptoziNews) October 20, 2021
🔥Great solution imo🔥
Russian Oil Companies Want to Mine Crypto on Flare Gas, a byproduct of oil extraction which is usually burnt, causing a liability for oil-extracting companies and releasing carbon dioxide into the atmosphere.https://t.co/fYOWCkCe6i
— MONTANA (@MontanaTunz) October 20, 2021
ZY Crypto explains:
The letter specifically hints that “the implementation of the mechanism should increase the efficiency of the use of natural gas in thermal generation through hybrid modules for the extraction of digital currencies.”
The letter revealed that the idea for this method of cryptocurrency mining came from the oil companies themselves. Flared gas mining is not known to Russian law and some sort of guidance from the regulators will lay the cornerstone for the burgeoning mining industry.
The only Russian oil company to publicly launch a mining farm is Gazpromneft.
At the time, a Gazpromneft representative told CoinDesk that the company wasn’t planning to mine crypto for its own reserves, but would provide a venue for other miners. Mining firm Vekus became its first client and mined 1.8 BTC using 49,500 cubic meters of gas during one month last fall, according to Russian crypto news outlet Forklog.
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