The mining of cryptographic money at Russian oil wells represents an energy limit of 85 megawatts (MW). The financial backers are considering additional 200 MW projects regardless of Western endorsements, according to a report.
Crypto mining with associated gas to generate 1 billion rubles in annual income in Russia
According to experts at Vygon Consulting, a free consultancy focused on the improvement of the Russian fuel and energy complex, server farms mining cryptographic forms of money have a consolidated influence rating of 85 megawatts or 23% of the market.
These crypto ranches are provided with power created by little power plants consuming related oil gas (APG), a result of dark gold extraction that oil organizations are expected to discard. While it costs them barely anything, they can offer it to diggers.
Every year, Russian oil companies use around 17 billion cubic meters of APG to drive offices at penetrating locations. According to the Russian business daily Kommersant, the Vygon Consulting review estimates that digital currency digging accounts for 279 million cubic meters of utilization.
According to a normal monthly conversion standard of $20,000 per 1 BTC, APG excavators made 400 million rubles (approximately $6.6 million) in profit in July alone. At that bitcoin price, their extended annual income for July 2022 – July 2023 is 4.8 billion rubles (near $79 million), and their six-year pay could be 1.16 billion rubles ($19 million).
Although sanctions may impede expansion, APG coin minting is expected to grow.
According to analysts, the APG mining industry could experience exponential growth.
If 1.6% of the related gas that is currently being emitted was used for mining, the annual pay of the diggers involved would more than double to 2.5 billion rubles. Furthermore, if 33% of all erupted APG is dedicated to mining, the area could grow multiple times in size and generate up to 30 billion rubles per year.
Simultaneously, Russia’s mining organizations are facing difficulties as a result of forced assent over the dispute in Ukraine. The EU has restricted exchanges with Russian clients’ crypto wallets, and some global crypto exchanges restrict Russians’ access to their foundation.
According to Vygon Consulting, enlisting a mining element in another country could be a viable option.