It’s official: the Russian government will become the second sovereign country in the world after El Salvador to dedicate a mining facility for mining bitcoin (BTC).
Read CRYPTONEWSLAND onAccording to Russian media RBC, the Eastern European superpower is building a dedicated data processing center in the Buryatia, situated in the eastern portion of Siberia. Known for its highly frigid climate, Siberia will help provide cheaper operating costs for the mining operations.
The mining facility in Buryatia expects to maintain operations of up to 100 megawatts. Bitriver, a state-sponsored crypto mining firm, is spearheading this initiative.
Earlier this week, CNL also reported that Russian crypto mining firms have been aggressively growing their BTC mining operations since last year.
Financial sanctions from developed economies in the West may have spurred this expansion. As many are aware of, this is due to Russia’s prolonged military assault on its East European neighbor Ukraine.
In fact, Russian regular households are starting to operate their own BTC mining rigs. However, the country’s regulators have yet to come up with clear guidelines on bitcoin mining.
Russia is increasingly betting its future on cryptocurrency. Aside from expanding its bitcoin mining facilities, Russia is also enabling international trade for bitcoin and possibly other leading altcoins.
Discover how a costly Bitcoin transfer to Satoshi Nakamoto's address sparks intrigue and debate in…
Venezuela bans crypto mining to stabilize power, confiscating devices & targeting corruption. Public collaboration urged…
🚀💰 From Trump to Bieber: Top 5 Celebs Rocking the Crypto World! Check out who's…
#Venezuela halts #Bitcoinmining to ensure stable power and reduce blackouts, prioritising energy for citizens over…
Solana Blazes Ahead: 95M Daily Transactions! 🌐 CoinGecko's Latest Study Confirms SOL's Lead in Speed…
Enthusiasts and investors are eagerly watching as the latest upturn shapes the financial horizon. With…