Fintech company Innopolis Tech, controlled by Russia's former communications minister, is set to build Russia's largest bitcoin mining center worth about $100 million.
The Republic of Tatarstan is preparing to build the largest Bitcoin mining infrastructure in Russia with an investment value of about $100 million, according to… Local news reportsQuoted by Roman Shekhutdinov, Deputy Prime Minister of Tatarstan.
Speaking at a cryptocurrency forum in Kazan, Shaykhutdinov said the project would be implemented by Innopolis Tech, a financial technology company controlled by Nikolai Nikiforov, Russia's former Minister of Communications and Press.
Although specific details about the construction timeline and list of investors were not revealed, Shekhutdinov said that the expected hash rate of the facility will be 3 exahashes per second, which could make it one of the major players in the global cryptocurrency mining industry.
Despite the ambitions, Russia still does not have a clear regulatory system for cryptocurrency miners. In late April, Russian lawmakers unveiled a new version of a bill aimed at regulating the country's cryptocurrency mining market. According to Anatoly Aksakov, one of the authors of the bill, the bill could come into force as early as September this year, although it is not the first time that Russian lawmakers have tried to build a regulatory system for cryptocurrency miners.
In mid-February, BitRiver, a Bitcoin mining company targeted by OFAC sanctions, also revealed plans to launch Russia's largest data center focused on artificial intelligence.
As reported by crypto.news, Bitriver-B, a subsidiary of BitRiver Group, is set to launch the largest data center for energy-intensive computing in Eurasia in the second half of 2024. The expected capacity of the data center is said to be 100 megawatts, reported Sergey Bezdilov, Director of the Industrial Mining Association.