Third Largest Russian Oil Firm to Launch Crypto Mining Operations

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Quote from: Poker Player on July 05, 2022, 03:21:51 AM

Quote from: Rruchi man on June 24, 2022, 10:06:33 AM

I wonder how the united states will react to this considering that russia are under multiple sanctions from them.

That's what I wonder too. The best thing that could happen would be for the US and Russia to enter into a Bitcoin mining competition, but as things stand I don't see that happening. Although there are a lot of miners in the US, but I mean it would be taken as a matter of state. With Biden's energy policy, I don't see him incentivizing mining.

That's will be good if both US and Russia enter into a bitcoin mining competition, but I doubt it will likely happen. At the end of the day it's business from the Russian, but you have to think as well that they might be doing this and see the reaction of US?

On the other hand, an ally of Russia, China who is issuing a hard line stance against bitcoin mining because of it's supposed bad effect on the environment, so how will they react to this?

So the world is really messed up isn't it. Grin

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While trying to know more about the oil firms getting into cryptocurrency mining came across the incident in which a person have been using the waste from his dairy farm to generate energy and use it for cryptocurrency mining. By this even the oil energy usage can be minimised on cryptocurrency mining. This is really interesting and surely every nation will have large scale diary farms. When they're planned well and utilised surely bitcoin mining can be made green.

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Quote from: kryptqnick on June 24, 2022, 12:45:52 PM

So it's two Russian companies, helping each other out due to sanctions and other restrictions, huh. If Bitriver is registered in Switzerland, though, why won't Switzerland deal with it? It's an allegedly neutral state, but it's been implementing sanctions against Russia following the full-scale invasion of Ukraine. I wonder why they didn't follow US regarding Bitriver and didn't sanction it.
If it weren't a state-owned company and thus something that would help finance a terrible war, it makes sense to partner up like that, and it's potentially a positive thing if it truly helps utilize the methane that would otherwise just be waste, though. Then again, it creates a link between cryptos, which is something new, and oil, which is something old and something we should abandon in the long run, so I'm not sure it's a good thing.

It's business, no emotions, just money which doesn't smells, this is why they're dealing with Russia. And as you said, Switzerland is allegedly neutral country, so, for them it's easier to do that than company from EU country for example. And in general, many foreign companies continue to operate in Russia despite war. Some are doing it through offshore companies to avoid bad publicity.
In normal occasion I wouldn't accept such news positively. After all, it's state owned company, not private one. And considering that war continues, there is nothing positive about this cooperation.

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Quote from: CryptoSable on July 04, 2022, 03:09:58 AM

It's good to have some giants into the business
maybe more competitive, though

Yet we are talking Russian Oil firm here and we knew how hard they will be facing the world after what they did in Ukraine now so this is both a Good and Bad side for Bitcoin and cryptocurrencies around the world.

Hoping that it will be more in the good side than the opposite one.

Quote from: Bambozled on July 05, 2022, 02:28:50 AM

This operation has been started with the collaboration with Switzerland-based Bitcoin ($BTC) mining firm BitRiver. This might increase the competition.

if thats the case then this will be truly a good operation though?

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Quote from: Rruchi man on June 24, 2022, 10:06:33 AM

I wonder how the united states will react to this considering that russia are under multiple sanctions from them.

That's what I wonder too. The best thing that could happen would be for the US and Russia to enter into a Bitcoin mining competition, but as things stand I don't see that happening. Although there are a lot of miners in the US, but I mean it would be taken as a matter of state. With Biden's energy policy, I don't see him incentivizing mining.

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This operation has been started with the collaboration with Switzerland-based Bitcoin ($BTC) mining firm BitRiver. This might increase the competition.

CryptoSable

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It's good to have some giants into the business
maybe more competitive, though

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These days the mining companies and energy production companies are much interested in cryptocurrency mining. Recently Kenyan Energy Company invited investors to create cryptocurrency mining centers as more excess energy is produced. Here two companies have partnered and have signed an agreement. This is good for the investors into cryptocurrency mining, because electricity is the much needed one.

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So it's two Russian companies, helping each other out due to sanctions and other restrictions, huh. If Bitriver is registered in Switzerland, though, why won't Switzerland deal with it? It's an allegedly neutral state, but it's been implementing sanctions against Russia following the full-scale invasion of Ukraine. I wonder why they didn't follow US regarding Bitriver and didn't sanction it.
If it weren't a state-owned company and thus something that would help finance a terrible war, it makes sense to partner up like that, and it's potentially a positive thing if it truly helps utilize the methane that would otherwise just be waste, though. Then again, it creates a link between cryptos, which is something new, and oil, which is something old and something we should abandon in the long run, so I'm not sure it's a good thing.

CryptSafe

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No doubt Russia is a very strong and sophisticated nation hence their technological upgrade. Going into mining tells how real blockchain is and the era of digital economy is taking over with high competitive display. Russia as a nation has many blockchain and Crypto enthusiast and I think they stepped up the game with a strong leading margin irrespective of what is been said about them. Russia is really ready and her citizens together with organizations are taking the step forward to achieve a digital economy which will drive fast and rapid growth.

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Quote from: dansus021 on June 23, 2022, 08:21:11 PM

after all they are mining companies, Cheesy

so they will mining everything Cheesy

including bitcoin, or maybe this become aggresive move to investing in bitcoin mining company

Make sense right. I think everybody should be doing so. It doesnt matter anymore countries proclaiming to be green are now going back to using coal. No difference. But financial survival is the key to win this economic war. If the country had invested a lot for solar power, they still can mine BTC.

Its time the government itself are going to mine Bitcoin especially if they cant get funds anymore from its people who will keep complaining tax.

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Quote from: dansus021 on June 23, 2022, 08:21:11 PM

after all they are mining companies, Cheesy

so they will mining everything

They may or may not be directly involved with the mining activity of bitcoins itself, their role majorly is to supply the excess of gas to power miners equipment Instead of gas flaring which is dangerous to the environment. I find this good because it solves two major problems which are the reduction of green house gasses (GHG) released to the atmosphere, and also solves the high energy requirement needed to successfully keep mining/ the high electricity tariff will also be avoided.

I wonder how the united states will react to this considering that russia are under multiple sanctions from them.

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after all they are mining companies, Cheesy

so they will mining everything Cheesy

including bitcoin, or maybe this become aggresive move to investing in bitcoin mining company

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Quote

"The oil producer will lend its energy capacity to mine Bitcoin."

A major Russian state-owned oil company is venturing into Bitcoin mining through another company specializing in cryptocurrencies, according to reports.

Gazpromneft is a company subsidized by Gazprom, a Russian state-owned company that is the seventh largest oil-producing company in the world, according to studies.

Quote

"The BitRiver company, which will help the Russian state company, is sanctioned by the United States."

According to this information, BitRiver and Gazpomneft signed a collaboration agreement for the next 2 years. The contract consists of the construction of mining centers with up to 2 gigawatts of power, energy that will be generated with gas, according to information shared with a specialized media outlet.

Igor Runets, founder and CEO of BitRiver, was quoted as saying:

Quote

"Over the next two years, BitRiver intends to implement projects to create its own data centers for power-intensive computing with power scaling up to 2 [gigawatts], including [petroleum gas], which will additionally provide high and stable power consumption."

Source: https://www.cryptoglobe.com/latest/2022/06/third-largest-russian-oil-firm-to-launch-crypto-mining-operations-through-new-partnership/

Topic: Third Largest Russian Oil Firm to Launch Crypto Mining Operations (Read 247 times)