BitRiver Converts Over 150 Million Cubic Meters of Associated Gas for Bitcoin Mining

In collaboration with oil and gas companies, BitRiver has converted over 150 million cubic meters of associated gas into electricity for bitcoin mining, according to its Chief Financial and Investment Officer, Alexander Volkov. This was reported by Prime.

The firm processed this volume from January 2023 to early October 2024.

BitRiver is confident in Russia’s potential to surpass the US as the leader in bitcoin mining through its own generation and use of associated gas.

Currently, the industry in Russia consumes over 2.5 GW, compared to more than 7 GW by its competitor. The management anticipates a twofold increase in the use of associated gas in industrial mining, estimating the current implementation at less than 3-5%.

As of early October 2024, the capacity of all BitRiver projects using associated gas exceeded 30 MW.

Partnerships with leading Russian vertically integrated oil companies became possible following the signing of a law legalizing cryptocurrency mining.

The use of associated gas for energy production for large computing systems, data centers, and mining helps avoid fines for flaring associated petroleum gas and prevents its dissipation.

This collaboration also aligns with “green energy” interests and maximizes resource monetization, the statement said.

By the end of 2023, BitRiver increased its revenue by 59% to 12.56 billion rubles, ranking first among Russian mining companies by this measure.

In July, Russian President Vladimir Putin described the crypto market as a “very dynamic and promising area of the modern economy.” Later, he urged action against grey and black mining.