New cryptocurrency mining facility under construction in Russia Government The Republic of Buryatia with the support of an affiliated company. Construction of the infrastructure for the large-scale project is already underway by a subsidiary of Bitriver, Russia’s largest mining operator.
Bitriver Builds Massive Data Center for Cryptocurrency Mining in Siberian Republic of Buryatia
A 100-megawatt data processing center dedicated to minting digital coins The Republic of South-Central Siberia, the Russian Far East and the Arctic Development Corporation (KRDV) has announced that it will open in the Republic of Buryatia, Russia.
The project is priced at around 900 million rubles (more than $12.3 million), business news portal RBC reported, citing a press release. The launch of the facility, which will host 30,000 mining machines, is scheduled for the first half of 2023.
His Bitriver-B, a subsidiary of Russian mining giant Bitriver, has already begun construction of buildings and other infrastructure. , and the supply of necessary power equipment. The new company will create about 100 jobs, according to the company.
The bitcoin mining farm is located in the village of Mukorsivir in the “Buryatia” priority development zone, a territory of the Republic where a special legal system has been established to facilitate entrepreneurial activity.
KRDV is a management company reporting to the Ministry of Development of the Russian Far East and the Presidential Plenipotentiary Representative of the Far Eastern Federal District. Its main task is to support investment projects in Russia’s Far East and the Arctic.
“Creating one of the most important companies for the digital development of the Republic of Buryatia, Bitriver-B is provided with a variety of government-supported tools. Zero taxes on land and property, insurance tax rate will be reduced to 7.6% and the income tax rate will be reduced,” said KRDV Buryatia director Dmitry Kamelev. Bitcoin farms also pay almost half the normal rate for the electricity they use, the executive added.
The announcement of the large-scale mining project follows last week’s report that the total power capacity of Russia’s industrial mining farms will exceed 500 megawatts by the end of 2022. The impact of sanctions targeting the country’s mining capabilities as part of the penalties for invading Ukraine.
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