While most cryptocurrency investors and traders continue to be baffled by the price decline of Bitcoin, the main crypto market benchmark by market capitalization, parallel scenarios are emerging that point to strengthening the ecosystem that supports Bitcoin's blockchain technology.
For context, I should mention that at the International Economic Forum currently taking place in St. Petersburg, it was announced that the Swiss mining broker BitRiver and the Russian energy giant Gazpomneft signed a collaboration agreement for the next 2 years aimed at adding energy capacity for Bitcoin mining in Russia.
The contract between the mining broker BitRiver and the Russian energy giant Gazpomneft, consists of the construction of mining centers of up to 2 gigawatts of power, energy that will be generated with gas, according to information socialized at the aforementioned St. Petersburg International Economic Forum.
According to official data, Gazpomneft is Russia's third largest oil producer and has a high energy generation capacity that it will make available to the state to mine Bitcoin and thereby create favorable conditions for adding economic income that will allow the Russian government to evade the sanctions imposed on it by Western states.
The veracity of the agreements can be confirmed by the fact that the St. Petersburg International Economic Forum was attended by representatives of Russian cryptocurrency industry associations, Russian state technology corporations, congressmen and deputies, as well as BitRiver executives.
Do you think this kind of actions that state-owned companies getting into cryptocurrency mining can be healthy for the crypto market?.
FinBold Russia’s third-largest oil company to power Bitcoin mining farms. Link
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