Bitcoin
Russia’s Tatarstan plans to build a $100 million Bitcoin mining hub
Fintech company Innopolis Tech, controlled by a former Russian communications minister, is set to build the largest Bitcoin mining center in Russia, worth around $100 million.
The Republic of Tatarstan is preparing to build RussiaThe biggest Bitcoin mining infrastructure valued at around US$100 million in investments, according to local reportingquoting Roman Shaykhutdinov, Deputy Prime Minister of Tatarstan.
Speaking at a crypto forum in Kazan, Shaykhutdinov said the project will be carried out by Innopolis Tech, a fintech company controlled by Nikolai Nikiforov, Russia’s former minister of communications and press.
While specific details regarding the construction schedule and list of investors were not disclosed, Shaykhutdinov said the facility’s projected hashrate will be 3 exahashes per second, potentially making it a major player in the global crypto mining industry.
Despite ambitions, Russia still does not have a clear regulatory regime for cryptocurrency miners. At the end of April, Russia’s lawmakers revealed a new version of a bill that aims to regulate the crypto mining market in the country. According to Anatoly Aksakov, one of the project’s authors, the project could come into force as early as September this year, although it is far from the first time that Russia’s lawmakers are trying to build a regulatory regime for crypto miners.
In mid-February, BitRiver, the Bitcoin mining company targeted by OFAC sanctions, also revealed plans to launch Russia’s largest data center focused on artificial intelligence.
Like crypto.news reportedBitriver-B, a subsidiary of BitRiver Group, is expected to launch the largest data center for energy-intensive calculations in Eurasia in the second half of 2024. The expected capacity of the data center is 100 megawatts, as reported by Sergey Bezdelov, director of Industrial Mining Association.