Crypto Mining Facility Worth Over $12M Launched in Russia!
13. February 2023
• The Russian Federation is looking to launch a crypto-mining facility worth over $12.3 million in the coming months.
• This massive data processing center will be located in Buryatia and have 30,000 mining devices with 100 megawatts of power consumption.
• Bitriver-B has begun the project’s construction and the operational costs are set to be heavily subsidized by the government.
The Russian Federation Launches Crypto Mining Facility
The Russian Federation is planning to launch a crypto-mining facility worth over $12.3 million (900 million rubles) in the coming months. The data center, located in Buryatia, eastern Siberia, will house 30,000 mining devices with a total power consumption of 100 megawatts. The project is being managed by JSC Corporation for Development of the Far East and the Arctic (KRDV), under both the Russian Ministry for Development of the Far East and Arctic and President’s Plenipotentiary Representative in Far Eastern Federal District of Russia.
Bitriver-B, an operational arm of Russia’s biggest mining firm Bitriver, is leading construction on this project. Essential infrastructure such as power facilities have already been laid down and completion is expected by first half of 2023 with about 100 new jobs created upon completion. KRDV was established in 2012 with objective to drive economic development of Russia’s Far Eastern Federal District through investment projects across several fields including tourism, energy, health etc.
Operational costs for Buryatia based crypto mining farm are set to be heavily subsidized via various government support mechanisms employed by KRDV like exemptions from land and property tax along with reduced income rate tax etc., according to Dmitry Khameruev who is head of KRDV Buryatia.
The main objective behind launching this crypto mining facility is to promote digital development activities in Buryatia which also includes improvement in technological infrastructure by setting up basic internet services throughout remote areas as well as providing access to eCommerce platforms enabling locals sell their goods online all around world at competitive prices.
This Crypto Mining project stands out as great example for public private partnership between state authorities & private companies as it provides boost to local economy while creating job opportunities & promoting digitalization process making it beneficial not just for people living here but entire country as well