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New Russian Bitcoin Mining Operation Utilizes On-Site Oil Field For Eco-Friendly Electricity
Summary: A new Russian Bitcoin mining farm has opened on the same site as an oil-field. The new farm uses CO2 freed from oil drilling and converting it into electricity to power mining operations, as reported by ZeroHedge. Bitcoin's rising price has greatly increased miner activity, however this means that Bitcoin's carbon footprint grows as miners ...
A new Russian Bitcoin mining farm has opened on the same site as an oil-field. The new farm uses CO2 freed from oil drilling and converting it into electricity to power mining operations, as reported by ZeroHedge.
Bitcoin's rising price has greatly increased miner activity, however this means that Bitcoin's carbon footprint grows as miners guzzle up electricity. This week the cryptocurrency’s energy consumption topped that of Pakistan--a nation of more than 200 million people.
The scheme has been designed by Gazpromneft, a petro-based subsidiary of Russia’s state-owned natural gas giant Gazprom, the 10th biggest oil producer in the world. The oil field is located in the Khanty-Mansiysk region of northwestern Siberia and has its own power plant to convert natural gas waste product from oil drilling to electricity for Bitcoin mining.
This interdependent relationship means the cost of running the new Russian mining facility is relatively low.
By Emily Mason
Tags: Bitcoin,Bitcoin Mining,BTC,Gazprom,Russia
Link: New Russian Bitcoin Mining Operation Utilizes On-Site Oil Field For Eco-Friendly Electricity [Copy]
