Gazpromneft decided to use the waste CO2 gas generated during oil drilling for electricity generation. Moreover, the electricity generated will be used directly for crypto money mining.
Gazpromneft, a subsidiary of the Russian natural gas giant Gazprom, operating in the oil sector, seems to have found a way to generate revenue from a situation where it would normally face fines. Gazpromneft, one of the few companies affiliated with the Russian government that is interested in crypto money mining, is preparing to convert the gas that is produced as waste in the oil field into Bitcoin revenue.
Under normal circumstances, oil companies burn the CO2 gas released during the drilling of the oil and face fines for damaging the atmosphere. However, there are ways to use this CO2 gas efficiently instead of burning it. For example; electricity generation.
Gazpromneft will use gas from oil drilling for crypto mining
Gazpromneft has installed a power station at an oil drilling field in the Khanty-Mansiysk region of Northwest Siberia that converts the resulting CO2 gas into energy. Gazpromneft plans to supply the electricity generated from this power plant to crypto money mining. Thus, CO2 gas, which is the waste of oil drilling, is spent on the production of electrical energy, one of the most costly sources of crypto money mining.
Gazpromneft stated that they conducted a test-purpose mining operation with crypto mining company Vekus in the said power plant last autumn and that 1.8 BTC was extracted using 49,500 cubic meters of gas in a month. Gazpromneft aims to expand the mining farm at the power plant in question and to accept more companies for mining activities.