The Russian authority keeps on connecting with top-tier names in the cryptocurrency mining sphere, regardless of the skeptical stance for crypto trading and payments legalization.

Specifically, Russia’s state-owned gas heavyweight Gazprom Neft has forged an alliance with BitRiver – the high-profile crypto-mining colocation services supplier in the nation, offering hosting solutions for tio-tier crypto mining operations. 

The freshly formed partnership will reportedly have Gazprom equipping BitRiver’s partner data facilities with electricity generated from the associated petroleum gas. 

As included in the scope of the partnership, BitRiver will be designing a digital infrastructure depended on the oil fields that Gazprom provides crypto mining services from the flare gas.

The first deputy Head of Gazprom, Vadim Yakovlev, reportedly highlighted that the business model of ​​Gazprom itself had no preset plans down its pipeline for crypto assets dealings. 

The gas heavyweight is leaning towards the plan of making the most use of energy resources into enable renewable energy, via allowing “new ways of beneficial use of associated petroleum gas”. 

“Reducing our carbon footprint is an essential component of Gazprom Neft’s ESG policy. […] By combining technologies and competencies with partners, we create the best industry practices for the efficient and environmentally friendly use of natural resources.”

Per the announcement, flare gas-based crypto mining initiatives are partcularly relevant when working in new oil fields, which come with no established gas transmission infrastructure. 

An alternative choice is to establish that kind of developments on remote oil fields in Siberian territories, since those type of fields are associated with surplus electricity and unprofitable flare gas logistics.