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Oil and gas industry in Russia requires permission to mine cryptocurrency

Russia

The oil and gas industry in Russia is putting pressure on the authorities to allow the mining of cryptocurrency using natural gas torches.

Oil and gas industry in Russia requires permission to mine cryptocurrency

However, no approval was received, mainly because the crypto mining industry in Russia is not regulated. Although the use of natural gas for crypto mining is associated with the use of gas, which is always flared during oil drilling.

Russia is under pressure from the oil and gas industry

The Russian authorities may be forced to reconsider their sluggish approach to the crypto industry as a whole, as many crypto miners who left China have moved mainly to Kazakhstan and the United States, thereby placing them among the producers with the highest bitcoin hash rates in the world.

In addition, pressure from players in the oil industry could tighten the noose on the government. The idea of ​​using burnt gas for mining cryptocurrencies came from market participants and that "one of the largest Russian oil companies would like to scale up their project for the extraction of cryptocurrency."

Experts believe that Russian oilmen could take advantage of the situation to create data centers or provide their excess capacity as "mining divisions" for investors from China, where mining is prohibited by law.

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