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Regional Government Announces Opening of Russia’s Largest Crypto Mining Farm

The Russia’s regional government has announced a new cryptocurrency mining facility on Monday which is likely the Russia’s largest crypto mining farm.

Kriptoyunivers center is the new cryptocurrency mining unit, which claims to be the latest crypto mining facility in Russia. The declaration event took place when country authorities were working towards on the regulatory measures to boom cryptocurrency market

The country’s regional government was the one to launch the opening of cryptocurrency mining farm in Russia. The farm holds over 3000 pieces of mining equipment and covers an area of 4000 square meters. The new facility is situated in a northern Russian town- Kirishi, which is about 180km southeast of Saint Petersburg.

The report says that it requires a 500 million rubles (~$7.4 million) investment to start and set running. The farm is said to specialize in mining Bitcoin and Litecoin. The Russia government of the Leningrad region made this announcement in a press meet saying “the largest Bitcoin mining facility in Russia is opening its operations.

The Deputy Governor at Leningrad region, Dmitry Yalov says,

Favorable conditions are in focus 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.

This farm is different from any of the kind in Russia. It offers cryptocurrency mining, and also rents out its services to miners who want to use it. Thereby, this amenity makes it the only full cycle mining farm in Russia.

According to the study posted by Ernst & Young, since 2015, Russia occupies the third rank as cryptocurrency producing nation. Still, there are some speculations regarding the cryptocurrency mining corporations including Kriptoyunivers could come under attack, as government bodies in Russia are continuously deliberating their cryptocurrency regulation.

However, a present law proposal by Russian parliament is allowing large-scale mining farms with cryptocurrency production, despite strictly banning cryptocurrency trading via exchanges.

The company states that,
This is the largest and so far the only farm in Russia that offers the ‘full cycle’. Any private investors can place their equipment on the territory of the mining center or rent its computing power.

The Governor at Leningrad region also mentions about the state rolling out next with a regulatory framework enhancement for the cryptocurrency. Apparently, bills are under the proposal on digital financial assets. Also, the point to note is state governments are accepting and considering them seriously.

Additionally, many of them are emphasizing on the implementation of Blockchain in multiple sectors including Business, Crowdfunding, Commerce, Taxation, etc.

What do you think about this cryptocurrency mining farm in the Leningrad Region?

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency.In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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