Innopolis Tech, a fintech company run by the former Russian Minister of Communications, plans to build Russia’s largest Bitcoin mining center worth about $100 million.
The Republic of Tatarstan is preparing to build Russia’s largest Bitcoin mining infrastructure, worth an investment of about $100 million, according to local news reports quoting Tatarstan Deputy Prime Minister Roman Shaykhutdinov.
Speaking at a cryptocurrency forum in Kazan, Sheikhutdinov said the project would be carried out by Innopolis Tech, a fintech company controlled by Nikolai Nikiforov, Russia’s former communications and media minister. said.
Although specific details about the construction schedule and investor list have not been released, Shaykhutdinov said the facility’s expected hashrate will be three exahashes per second, potentially making it one of the key players in the global cryptocurrency mining industry.
Despite these ambitions, Russia still does not have a clear regulatory framework for cryptocurrency miners. In late April, Russian lawmakers unveiled new legislation aimed at regulating the country’s cryptocurrency mining market. The law could come into effect as early as September of this year, according to Anatoly Aksakov, one of the bill’s authors. However, this is not the first time Russian lawmakers have attempted to create a regulatory framework for cryptocurrency miners.
In mid-February, OFAC-sanctioned Bitcoin mining company BitRiver also revealed plans to establish Russia’s largest data center focused on artificial intelligence.
As crypto.news reported, Bitriver-B, a subsidiary of BitRiver Group, plans to launch the largest data center for energy-intensive computation in Eurasia in the second half of 2024. The data center’s expected capacity is said to be 100 people. Megawatts reported by Sergey Bezdelov, Director of the Industrial and Mining Association.