Russia’s Kriptoyunivers is an Old Fertilizer Lab Gone “Largest Crypto Mining” Operation in Country
Russian Company Transforms Fertilizer Lab into “Largest Crypto Mining” Space
Many countries around the world are finding ways to become the leader of the crypto and blockchain sector. A great example is that of Malta, as the island has made consecutive headlines that explored the welcoming of blockchain projects and firms, as well as a rulebook that would protect such projects. It seems like Russia plans to step up its game, as a Russian company has supposedly transformed a fertilizer lab into one of the main crypto mining labs within the country.
The crypto mining lab has since been named, Kriptoyunivers, and will support the mining of Bitcoin [BTC] and Litecoin [LTC]. A total of 500 million rubles has been contributed to make this happen, as per The Next Web’s report.
Co-Founder of Kriptoyunivers, Alexei Korolyov has asserted the lab as being one of the largest, adding that it was not only established for “producing cryptocurrency but also offering services to those who do the mining.”
Despite the claims that the Kriptoyunivers is the largest, The Next Web noted that it has yet to be verified, as most labs do not conduct operations openly. This unlocks doors to falsifying facts and income, which can barely be assessed without proper documentation.
As for Russia’s stance of cryptocurrency matters, it seems like users are permitted to mine the digital assets but remain refrained from actual trading. While the bill indicating so is yet to be confirmed, it does pose limitations for crypto investors.
Considered the third largest cryptocurrency mining country followed by China and U.S, Russia still seems to preserve the decentralized notion of blockchain technology. In particular, they highly focus on Proof-of-Work (PoW), and every mined crypto is said to have been verified by the majority rule (i.e. miners).
How do you think things will play out for Kriptoyunivers? Will Russia eventually allow crypto trading? Share your thoughts below.