By Shelly Melancon (Switzerland)
When it comes to the idea of decentralization, you will find China and Russia joining hands and being very hard on and simply impossible to adopt crypto. But when it comes to generating a consistent stream of revenue, you would again find both at a common narrative. Russia is currently looking for an opportunity to be able to mine crypto using a unique strategy that would make the country a ginormous amount of revenue over time. Russian oil companies are thinking about using flared gas to be able to mine cryptocurrency and increasing their profitability over the years.
But this initiative requires authorization and oversight from the regulatory authorities within the country; that is why the oil companies are currently seeking clarification and certification, which will allow them to work in peace. This type of mining technique is already incumbent and being used by American oil companies for the sake of crypto mining. Not only have they got themselves a very great business opportunity, but their overall productivity has also increased.
Also read:As you might already know that China has issued a very severe crackdown against miners, and as a result, thousands of them are migrating to mining-friendly frontiers. A huge wave of these miners ended up in Russia, and at the time, the country was fighting this mass migration and trying its best to hatch onto its own fair share of the crypto mining market. Oil companies have come together with this brilliant idea that is already in the works in most parts of the world which will be able to earn them a solid profit with little to no investment.
Oil Companies Require Regulatory Permit For Crypto Mining
First of all, they would be using the flare gas for the sake of generating electricity which in turn would be able to mine cryptocurrencies, this way, the additional gas doesn’t go wasted and is directed to very important and prime use, which is to mine crypto and earn money. Of course, this whole thing is very demanding in terms of technological input and paperwork necessary to give this whole thing the green light, but at the end of the day, if the mechanism remains intact, it would be raining money on these Russian oil companies.
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