BitRiver's APG Bitcoin Mining Surges, Doubling in 2023-2024
BitRiver, Russia's leading cryptocurrency mining firm, has made significant strides in 2023 and 2024. Following the legalization of crypto mining in Russia, BitRiver partnered with major oil and gas companies to harness associated petroleum gas (APG) for Bitcoin mining. This innovative approach has not only boosted BitRiver's revenue but also supported 'green energy' initiatives and helped avoid gas flaring fines.
BitRiver's partnership with companies such as Anadarko Petroleum Corporation and Eurasia Drilling Company has proven successful. By October 2024, the combined capacity of these APG-based projects reached 30 MW. This marks a significant milestone, as the Russian mining industry currently consumes over 2.5 GW of electricity, with the U.S. consuming more than 7 GW. BitRiver has processed over 150 million cubic meters of APG into electricity for Bitcoin mining from January 2023 to early October 2024.
BitRiver's revenue has seen a substantial increase, rising by 59% in 2023 to reach 12.56 billion rubles. This growth has solidified BitRiver's position as the leading Russian mining firm. The company's success has not gone unnoticed by the government. Russian President Vladimir Putin has praised the cryptocurrency market as a promising sector and supports efforts to combat illegal mining.
BitRiver's use of APG in Bitcoin mining is expected to double in the coming years, with current implementation accounting for less than 3-5%. The firm sees potential for Russia to overtake the United States as the leader in Bitcoin mining by utilizing domestic energy resources, including APG. As BitRiver continues to grow and innovate, it is poised to play a significant role in shaping Russia's cryptocurrency mining landscape.
