Oil

Russian oil company Gazpromneft announced that it will use its massive oil resources to mine cryptocurrencies. This comes after US sanctions on Russian oil have led to a significant drop in profits for many oil companies. Gazpromneft, a subsidiary of Russian oil giant Gazprom, hopes to use cryptocurrency mining to boost its profits.

The numerous sanctions imposed on Russia as a result of the invasion of Ukraine have caused further trade losses for the country.

In search of alternative energy sources, Russians are exploring the potential of oil fields in their search for alternative energy sources. Earlier this week, several of the largest local mining companies applied to the government for permission to build mining farms.

The Norwegian Oil Fund, the oldest Norwegian pension fund and one of the globe's biggest, has a stake in Bitcoin. Thus, every single citizen of the country owns approximately 0.000114 BTC.

Venezuela faces lots of issues due to the sanctions imposed by the United States of America against the authoritarian regime of President Nicolas Maduro. Therefore, its citizens face the need for tools and ways that would allow them to circumvent the economic crisis in the country.

The oil & gas firms leveraging blockchain are in a position to increase trade accuracy, improve scheduling and back-office efficiency, improve operational efficiency, increase access to trade info, and lessen the working capital cycle.

If you ever thought only gold, diamond, or oil were found underneath the ground, you might be wrong in the 21st Century world as recent cases of bitcoin mining have proved that crypto mines equally do well underground. Chinese police have discovered an illegal Bitcoin mining farm beneath a cemetery.

Venezuela has been pressing different knobs to find the right answer to save its struggling crypto, the Petro.

Thailand has been very supportive of the development and application of blockchain technology in recent years. Its Energy Ministry is now launching fresh research to ascertain the use of blockchain technology in its palm oil sector.