BitRiver's APG-Powered Bitcoin Mining Surges, Russia Eyes US Lead
BitRiver, Russia's leading cryptocurrency mining firm, has harnessed over 150 million cubic meters of associated petroleum gas (APG) to generate electricity for Bitcoin mining. By October 2024, its APG-based projects' combined capacity reached 30 MW. Key Russian oil and gas companies like Gazprom Neft and Lukoil are collaborating with BitRiver on this initiative.
BitRiver's innovative use of APG not only helps oil companies avoid fines for gas flaring but also supports 'green energy' efforts. This method allows Russia's mining industry, which consumes over 2.5 GW of electricity, to tap into a clean and abundant resource. President Vladimir Putin has recognized the cryptocurrency market's potential, backing efforts to regulate the industry.
Currently, APG's use in mining accounts for less than 3-5%. However, BitRiver expects this figure to double, indicating significant growth potential. The company's revenue surged by 59% in 2023, reaching 12.56 billion rubles, solidifying its leading position in the Russian market. This success was partly driven by the legalization of crypto mining in Russia, which facilitated partnerships with major oil companies.
BitRiver's APG-powered Bitcoin mining projects are set to expand, with the company aiming to double APG's use in the industry. With Russia's vast energy resources, including APG, BitRiver envisions the country potentially overtaking the United States in Bitcoin mining. This shift could significantly impact the global cryptocurrency landscape.
