After Russia’s invasion on Ukraine, when both the countries are settling slowly, all the restricted crypto services in Russia are heading up. As with the speed of losing the crypto users in the country, the Russian government is slowly starting to do favor for Bitcoin and other cryptocurrency units.
Recently, the Central Bank of Russian Federation was discussing the use of Bitcoins and crypto assets for all international settlements. Following the announcement, the Russian authorities also approved to mine cryptocurrencies using Associated Petroleum Gas (APG) in the country.
Now, as a trending topic, Russia’s third largest oil producer, Gazprom Neft, reveals an announcement to Russian Bitcoin miners. The company states, it will produce power supply to the Bitcoin mining farms in Russia.
However, mining businesses in Russia fall into the gray-zone legally, the popular oil company gets approval from the Central Bank.
Growth of Bitcoin Mining Farms
On June 16th 2022, Russia’s Gazpromneft and U.S-bitcoin mining hosting firm BitRiver signed a partnership officially. Further the main aim of this partnership is to develop strong crypto mining operations in the country. Additionally, the third largest oil producing giant, Gazprom, revealed to give power to mining farms set up by BitRiver.
Significantly, as Gazpromneft is providing the energy to the mining farms, BitRiver is also one of the largest mining firms in Russia. Additionally, partnering with the mining farms can build a good network, to operate more mining farms. Hence, it helps Russia to monetize its natural resources.
Notably, the Ministry of Industry and Trade states, the legal proposal to supply power to bitcoin mining farms came from one of the largest Russian oil companies. Although the company is running a small mining center using other gas, it is aiming to build and scale high its crypto mining projects.
However, the only Russian oil company which officially implemented the mining farms in the country is Gazprom Neft. Now, the company is also providing the power supply to the bitcoin mining farms existing in the country.
