• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 2 hours America's pandemic dead deserve accountability after Birx disclosure
  • 5 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 22 mins Fukushima
  • 20 hours Biden about to face first real test. Russia building up military on Ukraine border.
  • 17 hours CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 12 hours New Chinese Coal Plants Equal All those in U.S.A
  • 3 days U.S. and Chinese investors to buy Saudi pipelines , $10 Billion deal.
  • 5 days Trump punches back at Fauci and Birx's revisionist history (aka lies)
  • 2 days Does .001 of Atmosphere Control Earth's Climate?!
  • 20 hours Oh the Dems!!! They cheer for helping people while stabbing them in the back!!! Enbridge asks Canadian government to support oil pipeline in dispute with Michigan
  • 2 days The coming Cyber Attack
  • 3 days NG spot prices hit triple digits for weekend delivery
  • 4 days Create a new law "Postericide" to prosecute and imprison Climate Change "Deniers"
Italian Oil Heiress Arrested In Major Mafia Bust

Italian Oil Heiress Arrested In Major Mafia Bust

Italian anti-mafia police and finance…

Gazprom’s Oil Unit Plunges Into Crypto Mining

Gazprom Neft, the oil unit of Russian gas giant Gazprom, has launched a cryptocurrency mining operation at one of its oil sites in Siberia, CoinDesk reported on Wednesday.

Gazprom Neft, the third-largest oil producer in Russia, is using associated gas from an oilfield in the Khanty-Mansiysk region of northwestern Siberia to generate electricity it sells to the crypto mining operations, CoinDesk reports.

Cryptocurrency mining requires a lot of electricity, and Siberia is thought to be an ideal place for crypto mining, the BBC said in a news story in 2018.

Gazprom Neft doesn’t plan to mine for cryptocurrencies itself, a spokesperson for the company told CoinDesk. However, the Russian oil producer is open to sharing its energy resources with crypto miners.

Gazprom Neft believes that crypto miners could be one of the customers of the electricity produced from associated gas.

Power from associated gas can power data centers and mining farms, Alexander Kalmykov, Head of the Blockchain Technology Center at Gazprom Neft, told Russian outlet Forklog.

This will increase the use of the raw materials, especially in faraway regions in Siberia and the Arctic, where transporting associated gas out of the oilfields is not profitable, Kalmykov told Forklog. 

Gazprom Neft has piloted this year a small crypto mining operation with Russian computer hardware manufacturer Vekus at one of its oilfields in Siberia. Gazprom Neft used the associated gas to produce electricity and sell it, at prices below the price from the grid, to Vekus.

The alliance in Siberia is not unique in the oil industry.

In North Dakota, Crusoe Energy Systems, recognized as an innovator by the North Dakota Petroleum Foundation, has developed technology and equipment to capture natural gas at the wellhead and convert it into electricity for energy-intensive computing, including Bitcoin mining.

Meanwhile, the price of Bitcoin hit an all-time high at $28,400 early on Wednesday, with analysts saying the $30,000-mark could be hit before the New Year.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News