Crypto industry experts have formed a working group to draft standards for energy efficient and profitable cryptocurrency mining in Russia. The rules are intended to provide developers and data center operators with increased hardware uptime for investors.
Russia prepares to make mining facilities more efficient in 2023
A group of crypto experts worked together to develop standards to improve the overall efficiency of mining, particularly the use of energy to mint digital currency. A set of rules and procedures are designed to increase the amount of time expensive data processing equipment can operate at optimal load, which should result in increased profitability.
Russian crypto news outlet Bits.media reported this week that the standard, which will be released for adoption next February, is being prepared by the Russian Association of Crypto Economy, Artificial Intelligence and Blockchain (Racib), the cryptocurrency sector and other related industry members, and will be prepared by.
The decision to establish the working group was taken at the Crypto Summit in Moscow by representatives of Racib, Vekus Mining Development, operator of the Mining Data Center, Director of the Institute for Sustainable Development in Construction in Russia, Yuri Kudryashov, were presented during a presentation on the topic made by representatives of the
The main objective of the forum was to talk about the development of the digital environment and digital financial assets in general. Participants discussed the pending legalization of mining in Russia, other activities related to blockchain and cryptocurrencies, the central bank’s introduction of digital currencies, and the spread of tokenization. The summit also focused on education and security issues.
New Standards Expected to Reduce Downtime in Crypto Mining Farms
A scientific approach with computer modeling of temperature and speed should help improve the quality of engineering solutions for mining modules, said Yuri Kudryashov is convinced that the scientific approach of computer modeling of temperature and velocity should help to improve the quality of engineering solutions for mining modules. It should also allow for proper calibration of the ventilation system, taking into account indicators such as humidity, season, region, and the specific location where the crypto-mining unit is installed, the official elaborated.
According to Vera Burtseva, strategic marketing director of Vekus Group, the efficiency criteria the working group was tasked to develop will reduce mining hardware shutdowns and downtime due to extreme weather conditions, and increase equipment operating hours and useful years, and decrease maintenance costs while increasing the operating time and useful life of equipment.
The new standards will be incorporated into Green Zoom, Russia’s national system for sustainable development in the construction sector. It has already been applied in residential construction, the tourism industry, and in the construction of conventional data processing centers.
Cryptocurrency mining, an expanding industry in the energy-rich regions of the Russian Federation, is not yet regulated at the federal level. Members of the State Duma, the lower house of parliament, are expected to consider comprehensive legislation in the coming months. While Russia’s advantages as a mining destination were highlighted by President Vladimir Putin earlier this year, sanctions imposed in response to Moscow’s decision to attack Ukraine have since hurt business.
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