Farms mining cryptocurrency at oil wells in Russia account for 85 megawatts (MW) of energy capacity, experts have estimated. Investors are considering projects for another 200 MW despite constraints stemming from Western sanctions, a report reveals.
Annual Income From Crypto Mining With Associated Gas in Russia to Exceed One Billion Rubles
Data centers mining cryptocurrencies in Russia’s oil fields have a combined power rating of 85 megawatts, which is 23% of the market, according to analysts at Vygon Consulting, an independent consultancy working on the development of the Russian fuel and energy complex.
These crypto farms are supplied with electricity generated by small power plants burning associated petroleum gas (APG), a by-product of the extraction of black gold, that oil companies are required to dispose of. While it costs them almost nothing, they can sell it to miners.
Russian oil producers use around 17 billion cubic meters of APG annually to power facilities at drilling...
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