Russia’s Tatarstan eyes building $100m Bitcoin mining center

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As a seasoned crypto investor with a keen interest in global mining developments, I’m thrilled to see Russia making significant strides in building large-scale Bitcoin mining centers. The announcement by Innopolis Tech, under the guidance of Nikolai Nikiforov – a former Russian communications minister – is particularly noteworthy as it could potentially position Russia as a key player in the global crypto mining industry.

A Russian fintech firm, Innopolis Tech, led by a previous communications ministry head, intends to construct the biggest Bitcoin mining facility in Russia with an estimated investment of approximately $100 million.

Depending on the context and audience,

As a crypto investor attending a forum in Kazan, I’d put it this way: Shaykhutdinov announced at the crypto event that Innopolis Tech, a fintech company led by Nikolay Nikiforov, Russia’s former communications and press minister, will be spearheading this project.

Shaykhutdinov hasn’t shared exact details regarding the construction schedule and the identities of investors for this project. However, he mentioned that the proposed cryptocurrency mining facility is expected to have a hashrate of 3 exahashes per second. This makes it a potential major player in the global crypto mining sector.

Although Russia harbors grand plans, it remains unclear when a definitive regulatory framework will be established for crypto mining operations within its borders. In late April, Russian legislators presented an updated bill intended to govern the crypto mining industry domestically. Anatoly Aksakov, one of the bill’s architects, has suggested that this legislation could take effect as soon as September 2023. However, it is essential to note that this isn’t the first attempt by Russian lawmakers to establish a regulatory framework for crypto mining; previous efforts have yet to materialize.

In the middle of February, BitRiver, a Bitcoin mining firm under OFAC sanctions, announced its intentions to establish the biggest artificial intelligence-focused data center in Russia.

According to a recent article on crypto.news, Bitriver-B, a subsidiary of BitRiver Group, plans to open the largest energy-consuming computation data center in Eurasia around mid-2024. The anticipated capacity of this data center is reportedly 100 megawatts based on information provided by Sergey Bezdelov, the head of the Industrial Mining Association.

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2024-05-31 14:31