Oil industrialists from Russia have carved out a proposal in which they are offering a plan to the Russian Government wherein they are offering utilization of their oil plants and wells to be used simultaneously for developing, operating and maintaining of crypto mining facilities. They want the miners to utilize their excess source of energy to be consumed for the production of cryptocurrencies, which energy source is fated to be wasted otherwise.
Electricity is a necessity and those, who don’t have it, realize its true value and importance. There are still localities in many parts of the world where there is no electricity. So wasting this rare source is light is no less than a criminal act. However, everyday huge amount of electricity and its source is wasted which could have been saved if utilized strategically. For instance, when oil excavators search for oil and they find it, they use heavy machinery to dig out that oil. During this process, there is huge amount of Associated Petroleum Gas (APG) that is wasted without doing any good to anyone. But what if this waste can be utilized and put to a good use i.e. for the benefit of others.
A similar proposal, involving utilization of excess APG, which would have been wasted otherwise, has been carved out by Russian industrialists of oil. They have offered an area within the premises of their oil sites/plants where, if interested, Russian Government can install crypto mining farms. They want that the Government or the Government procured miner can be facilitated at the site to start crypto mining operations. In addition, the miner can use the excessive Associated Petroleum Gas to fire up its mining farms and machines therein.
This would mean that miners will literally have no shortage of electricity at any time. In addition, the required fuel to fire up their mining engines would remain available to them at all times. They wouldn’t even be required to engage the services of fuel supplier to deliver the fuel from one point to another point. Instead, the miners would be sitting onto the power source and can utilize it whenever they want.
The proposal is in fact benefitting for all the three parties i.e. the Government, industrialists and the miners. Above all, if the project is implemented then a large number of power source will be saved from being wasted. Instead, it will be utilized towards another activity in which there is a worldwide interest i.e. crypto mining.
It has been reported that the Government in Russia has been considering the project. It was also confirmed that discussions will be held between the Government officials and the Russian industrialists. In these meetings, both will decide and deliberate upon the feasibility and profitability of the proposed project.