Russian Regional Government Opens Crypto Mining Farm with 3,000 Machines

Regional Government in Russia Opens Large Crypto Mining Farm

The Government of the Leningrad Region of Russia has opened the largest cryptocurrency mining farm in the country and equipped the facility with over 3,000 pieces of mining equipment that covers an area of 4,000 square meters.

An announcement stated that the facility has “an energy capacity of 20 mW, which is equipped with more than 3,000 machines for mining, [and] is build on the territory of the industrial park ‘Levoberezhny’ in Kirishi. The total investment in the creation of the center amounted to 500 million rubles [~$7.3 million USD].”

The Deputy Governor of the Leningrad Region added,

“Favorable conditions have been created on the territory of the Leningrad Region for the creation of mining farms. There is enough capacity in the region, so electricity prices are relatively low. This is among the undeniable advantages of the region, along with the availability of engineering sites and qualified personnel.”

A company called Cryptouniverse built the farm in place of an old Soviet fertilizer-producing laboratory, which stood unoccupied for 20 years. The company mentioned,

“the first buildings of the center put into operation occupy an area of 4,000 square meters and contain more than 3,000 pieces of equipment for the production of bitcoins and litecoins. Any private investors can place their equipment on the territory of the mining center or rent its computing power.”

The center’s co-founder, Alexi Korolyov, stated to a news outlet,

“this is the largest and so far the only farm in Russia that offers the ‘full cycle’ – not just producing cryptocurrency but also offering services to those who do the mining.”

This may not be the only mining farm in the region. Last September, crypto miners from the Sosnovy Bor region were involved to the mining farms and a news publication indicated that “plans to create a mining farm based on the former nuclear power plant in Sosnovy Bor are still in place.” Further, during an international economic forum, Leningrad’s Governor met with a group of Russian investors to discuss plans for “the production of equipment for mining farms and the production of cryptocurrency.” Though there are not many details about the project, it is expected to be completed by 2021.

As of the latest announcement, the Governor has discussed the regulatory framework for cryptocurrencies in the country, “At the federal level, legislation is being drafted that will allow the regulation of the use of cryptocurrencies” and the “State Duma of the Russian Federation is considering bills on digital financial assets.”

Further, Kommersant reported that Pushkin Leningrad State University, the Russian Association of Cryptocurrency and Blockchain, and the Leningrad Chamber of Commerce and Industry are “preparing a concept that regulates the use of digital technologies in the region. It includes the mechanism of implementing blockchain technology in business, crowdfunding projects, [and] provisions of tax incentives for ‘digital entrepreneurs'”.

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