BitRiver Announces New 100MW Crypto Mining Center in Russia
BitRiver, the largest industrial crypto mining firm in Russia, is constructing a new 100MW data center in Eastern Siberia. The company’s subsidiary, BitRiver-B, has already begun building the center, which will primarily be used for cryptocurrency mining. The facility is expected to be operational in the second half of 2024. BitRiver-B plans to invest over $15.15 million in the project and the center will be located in Buryatia, a mountainous republic bordering Mongolia.
The new data center is touted as the largest in Buryatia and the Far Eastern Federal District by Sergei Bezdelov, director of the Industrial Mining Association (APM). Despite being sanctioned by the US Treasury, construction on the center continues as a significant investment project for Russia. The CEO of BitRiver has also highlighted Russia’s green energy balance and plans to employ around 120 specialists at the new center.
More Growth Expected, but Political Challenges Remain
The APM estimates that high-performance and energy-intensive computing in Russia could consume several tens of GW by 2035. BitRiver-B’s new data center will specialize in this type of computing and offer mining, cloud services, and other digital services. However, despite the enthusiasm from BitRiver and APM, the future of crypto mining in Russia remains uncertain due to calls for a ban on all crypto-related activities by the country’s Central Bank. Compromises may be made for industrial miners, but challenges such as potential money laundering schemes and higher electricity tariffs persist.
Hot Take: Russia’s Growing Crypto Mining Industry Faces Political Hurdles
Russia’s crypto mining industry continues to expand with BitRiver’s new data center announcement. However, political challenges, including calls for a ban on crypto activities and potential money laundering concerns, pose significant hurdles. Despite these obstacles, the industry remains optimistic about future growth and the potential for Russia to become a major player in the global crypto mining arena. As a crypto enthusiast, it’s important to stay informed about these developments and monitor how they may impact the overall landscape of cryptocurrency mining.
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