CRYPTO NEWS

Third Largest Russian Oil Company Gazpromneft Partners With BitRiver To Mine Bitcoin

Gazpromneft, the third-largest oil producer in Russia, is partnering with Swiss-based bitcoin mining company BitRiver to mine bitcoin with excess resources.

  • Russia’s third-largest oil producer, Gazpromneft, is entering the bitcoin mining space.
  • Gazpromneft will be partnering with Swiss-based bitcoin mining firm BitRiver to deliver energy resources to new and remote oil field locations.
  • BitRiver was previously sanctioned by the U.S. for reportedly assisting Russian avoidance of sanctions.

The third largest oil producer in Russia, Gazpromneft, is partnering with Swiss-based bitcoin mining firm BitRiver to build out mining operations located at oil fields according to a memorandum from the St. Petersburg International Economic Forum.

BitRiver will assist Gazpromneft in developing datacenters where the oil producer will receive energy from the remote mining company at either new oil fields where infrastructure is not currently established, or remote sites with expensive transportation costs.

“Over the next two years, BitRiver intends to implement projects to create its own data centers for power-intensive computing with power scaling up to 2 [gigawatts], including [petroleum gas], which will additionally provide high and stable power consumption,” Igor Runets, founder and CEO of BitRiver, reportedly stated in the memorandum.

Interestingly, BitRiver is not a newcomer to Russian business. This past April, the U.S Treasury Department sanctioned BitRiver adding the company to the Treasury’s Office of Foreign Asset Control (OFAC) list stating the company is “helping support Putin’s brutal war of choice.”

However, while the partnership between BitRiver and Gazpromneft is innovative, the two companies were not the first to take this approach. This past March, it was reported that Exxon Mobil, the largest U.S. oil producer, was piloting bitcoin mining operations. The company reportedly wanted to further reduce its excess of burned gas, or flared gas.

Similarly, U.S. bitcoin mining firm Crusoe Energy announced plans to move generators and mining equipment to Muscat, Oman in the Middle East to capture flared gas and cut down on emissions as well. 

Nexo claims “smear campaign” ignores its attempts to aid insolvent companies

CryptoSlate spoke to Nexo co-founder Antoni Trenchev regarding Nexo’s decision to increase insurance to $775 million, its moves to offer aid to struggling crypto firms, and the recent allegations claiming Nexo is in trouble. Trenchev told CryptoSlate that its move to increase insurance levels was a part of an ongoing plan to improve security unrelated::Listen

CryptoSlate spoke to Nexo co-founder Antoni Trenchev regarding Nexo’s decision to increase insurance to $775 million, its moves to offer aid to struggling crypto firms, and the recent allegations claiming Nexo is in trouble.

Trenchev told CryptoSlate that its move to increase insurance levels was a part of an ongoing plan to improve security unrelated to recent market volatility. Nexo holds assets in custody with third parties which are “fully protected” should “something happens to these assets under the care of our third-party custodians.” Nexo has not had to call on any of the insurances it holds.

Further, Trenchev confirmed that all loans are “strictly collateralized” and claimed it is”the most security-focused lender” in crypto. Amid allegations that Nexo may also be secretly insolvent, Trenchev said its public partnership with its third-party custodians means they “are confident everything is as it should be.”

The Nexo Co-Founder refused to comment on the potential source of recent allegations stating that “the recent noise in the space is anything other than a smear campaign.” In fact, Trenchev declared Nexo is in a solid position compared to others in the industry.

“A few of the better-known companies in the space are seemingly close to insolvency and the community is in turmoil. In stark contrast, Nexo continues to function normally and even has sufficient liquidity reserves to offer aid to these companies– we aim to restore public confidence and help their adversely affected clients and investors.”

In response to the state of Nexo’s offer to acquire Celsius’ assets Trenchev asserted  that “there are several ongoing processes for which Nexo has been approached to help with the provision of liquidity.” Further, Trenchev affirmed that Nexo is “committed to being part of the solution” to restore the reputation of crypto lending.

A recent post by Celsius stated that it is exploring “strategic transactions” to “stabilize” its liquidity issues. Neither party has neither confirmed nor denied that they are in negotiations.

Disclaimer: Nexo is an advertising partner for CryptoSlate.

The post Nexo claims “smear campaign” ignores its attempts to aid insolvent companies appeared first on CryptoSlate.

Third Largest Russian Oil Company Gazpromneft Partners With BitRiver To Mine Bitcoin

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