Russian Bitcoin mining company BitRiver anticipates that the country could emerge as a global leader in the industrial cryptocurrency sphere within the next few years. The company asserts that Russia possesses ample resources to claim a leading position in the realm of cryptocurrencies.
Drawing upon Associated Petroleum Gas (APG), other countries such as the United States, Canada, Kazakhstan, among others, have successfully experimented with this mining method, as reported by Russian media outlet RBC, according to BitRiver’s CEO Igor Runets.
Runets disclosed that BitRiver’s operational data centers, supported by APG, currently represent at least 50% of the entire mining sector. He also highlighted a “growing interest from major Russian oil and gas companies in developing APG mining.”
Runets estimated that the Russian cryptocurrency mining sector could recycle up to 10 billion cubic meters of APG annually, approximately half of the current yearly burned volume.
As of the time of writing, Russia ranks third globally in Bitcoin mining, following Kazakhstan and the United States, accounting for over 11% of the global Bitcoin hash rate, as per available data.
However, BitRiver, alongside several affiliated companies, remains on the U.S. sanctions list due to their involvement in the technology sector.
This move aims to isolate Russia from the global financial system amidst the ongoing conflict in Ukraine. The U.S. Treasury Department stated in a press release that cryptocurrency mining companies aid Russia in leveraging its natural resources, emphasizing Russia’s “relative advantage in cryptocurrency mining due to energy resources and cold climate.”
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