Categories: Market

Russia is considering using oil and gas for the cryptocurrency mining industry

Cryptocurrency mining in Russia is likely to take a new turn in the near future as regulators in the world’s largest country consider using gas for mining purposes.

Russia is a leading gas power in the world with huge oil reserves

Use gas to mine cryptocurrencies

Follow Kommersant, the Russian-language newspaper announced that a secret September 7 letter between the Central Bank of Russia and other government agencies such as the Ministry of Industry and Trade and the Ministry of Digital Development was negotiating whether the oil and gas industry was wasting the use that is Gas to power cryptocurrency mining centers. An official acceptance is not yet available.

Russian authorities are under pressure to rethink their approach to the crypto industry as a whole, as many miners have left China to move to other countries such as Kazakhstan and the United States, causing Russia to lose many potential customers who will buy a lot of electricity and pay a lot of taxes.

The Kommersant report says that the idea of using gas to mine cryptocurrencies came from market participants and one of the largest Russian oil companies looking to scale up a crypto mining project.

Alexander Zhuravlev, chairman of the Committee for Legal Support of the Digital Economy of the Russian Bar Association, emphasized that Russian oil and gas operators can use this to create data centers or to make their overcapacity available to investors from China, where mining has been practiced forbidden.

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Khong Minh

According to CryptoSlate

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Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.