The information publication Kommersant, citing its source, reported that Russian oil companies are currently negotiating with the Ministry of Industry and Trade, the Ministry of Digital Industry and the Bank of Russia on the possibility of using oil fields for the production of cryptocurrency. More precisely, not the fields themselves will be used, but associated petroleum gas, which can be converted into electrical energy, and it will be sent to data centers to provide them with the necessary resource for the extraction of the same bitcoins. It is also worth noting that Gazprom Neft is already mining cryptocurrency at its field – the company launched this project in 2020 and, apparently, it turned out to be quite successful.
However, Russian oil companies can not only mine cryptocurrency, but also sell this electricity to miners from China. The fact is that on the territory of the Celestial Empire, cryptocurrency operations are quite constrained by local new laws, and the mining of cryptocurrency is also prohibited, which significantly complicates the life of many large companies. In Russia, there are no laws that could impede the production or circulation of cryptocurrency, which means that investors could be interested in such an initiative. Although, of course, the situation may well change in the very near future.
Just yesterday, October 19, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, announced that taxes should be levied on companies, individuals and individual entrepreneurs that are engaged in the extraction of virtual currency, and earlier, in September, he also proposed to make mining cryptocurrencies in the register of business activities. If these laws are adopted, then the extraction of cryptocurrency will become slightly less profitable, but oil companies are confident that this will still increase the efficiency of using natural gas.
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