BitRiver, in collaboration with oil and gas companies, has processed over 150 million cubic meters of associated petroleum gas (APG) into electricity for Bitcoin mining from January 2023 to early October 2024. This was reported by BitRiver’s Director of Finance and Investments, Alexander Volkov.

Mining Development in Russia

BitRiver sees potential for Russia to overtake the United States as the leader in Bitcoin mining by utilizing domestic energy resources, including APG. Currently, the Russian mining industry consumes over 2.5 GW of electricity, while the U.S. consumes more than 7 GW.

The company expects that the use of APG in industrial mining will double, considering that its current implementation accounts for less than 3-5%.

By October 2024, the combined capacity of all BitRiver’s APG-based projects reached 30 MW. The partnership with major oil companies was made possible after the adoption of the law legalizing crypto mining in Russia.

Economic Indicators and Government Support

In 2023, BitRiver’s revenue increased by 59%, reaching 12.56 billion rubles, securing the company’s position as the leading Russian mining firm.

Additionally, the use of APG helps companies avoid fines for flaring gas and supports “green energy” initiatives. Russian President Vladimir Putin has called the cryptocurrency market a promising sector of the economy, backing efforts to combat illegal mining.