Tech 4 months ago

Gerald Fenech

Russia ‘largest’ crypto mining farm equipped with 3,000 machines: report

Russia continues to stake its claim as being one of the most advanced countries with regards to crypto and blockchain with the opening of what it says is the country’s largest crypto mining farm in the Leningrad region. The crypto mining farm was described as the largest data processing centre in Russia that is designed to extract digital currency, like BTC and LTC.

The announcement, made by the governor and government of the Leningrad region, stated that the facility has an energy capacity of around 20mW and is equipped with more than 3,000 machines for crypto mining. The facility, which covers 4,000 square meters of land, is built on the site of a former Soviet-fertilizer-producing laboratory located on the territory of the Levoberezhny industrial park in Kirishi, with a total investment of around 500 million rubles ($7.3 million).

Speaking at the inauguration, the Deputy Governor of the Leningrad Region, Dmitry Yalov, said: “Favorable conditions have been created 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.”

Alexei Korolyov, co-founder of the Kryptoyunivers center which built the crypto farm, told Japan Times that it “is the largest and so far the only farm in Russia that offers the ‘full cycle’—no just producing cryptocurrency but also offering services to those who do the mining.”

Despite its unrelenting crackdown on cryptocurrency-related activities in the country, Russia remains the third largest cryptocurrency producer in the world, trailing behind China and the United States.

Several weeks ago, the Russian Association of Cryptocurrencies and Blockchain (RACIB) released a report which showed that the number of cryptocurrency mining operators in the country has grown by as much as 15% since the beginning of 2018. The report also showed that in the last seven months, Russia also experienced an increase in the number of crypto owners and crypto related businesses, while the number of crypto users rose from 2.5 million to 3 million.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

Add a Comment

lastest news

Australian insurance company asks, “Where’s the beef?”

Tech 4 hours ago

Australian insurance company asks, “Where’s the beef?”

An insurance company working for the truck and transport industry in Australia wants to know where’s the beef. According to a report on Australasian Transport News (ATN), National Transport Insurance (NTI) has begun a partnership ...

Read More
Wirex now supports IBAN system for its crypto debit cards

Tech 1 day ago

Wirex now supports IBAN system for its crypto debit cards

Cryptocurrency enthusiasts in the European Economic Area (EEA) can now take advantage of the Wirex crypto debit card in even more ways. Wirex has announced that cardholders across the EEA are able to add funds ...

Read More
Developer shows how double spending can occur on Bitcoin SV misses mark

Tech 2 days ago

Developer shows how double spending can occur on Bitcoin SV misses mark

One of the reasons cryptocurrency hasn’t taken off as an alternative to fiat as quickly as many enthusiasts would like is because there is generally a wait time associated with the transactions. This delay is ...

Read More