The Republic of Tatarstan is preparing to establish Russia’s largest Bitcoin mining infrastructure, valued at approximately $100 million. This ambitious project was announced by Roman Shaykhutdinov, Tatarstan’s deputy prime minister, during a crypto forum in Kazan.
The development will be spearheaded by Innopolis Tech, a fintech company managed by Nikolai Nikiforov, Russia’s former minister of communications and press. The facility is expected to achieve a hashrate of 3 exahashes per second, positioning it as a significant player in the global crypto mining industry.
While specific details regarding the construction timeline and investor lineup remain undisclosed, this project marks a substantial investment in Russia’s crypto mining capabilities.
However, the regulatory landscape for crypto miners in Russia is still evolving. In late April, Russian lawmakers introduced a new version of a bill aimed at regulating the crypto mining market, potentially coming into effect by September this year. This follows several previous attempts to establish a clear regulatory framework for the industry.
In a related development, BitRiver, a Bitcoin mining company under OFAC sanctions, announced plans in mid-February to launch Russia’s largest data center dedicated to artificial intelligence. Bitriver-B, a subsidiary of BitRiver Group, is set to open this 100-megawatt capacity data center in the second half of 2024, as reported by Sergey Bezdelov, director of the Association of Industrial Mining.
These initiatives signal a significant expansion of Russia’s presence in the global crypto and data center markets, despite the ongoing regulatory uncertainties.
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