Russia’s regional government announces the opening of the largest cryptocurrency mining farm in the country. The farm supposedly has over 3000 pieces of mining equipment and is spread over an area of 4000 square metres.
The government of the Leningrad region of Russia announced in a press meet that the largest Bitcoin mining facility in the country is starting operations. The investment made for setting up the farm is an estimated $7.3 million and has been established by a company named CryptoUniverse.
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.”
The farm is a one of a kind in Russia as it not only involves in mining cryptocurrencies, but also rents out its services to miners who wish to utilize it, thereby making it the only ‘full cycle’ mining farm in the country. The company stated,
“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.”
Better crypto regulations coming up
The Governor of the Leningrad region also mentioned about the state coming up with an enhanced regulatory framework for cryptocurrencies. Apparently, bills are being proposed on digital financial assets and the state governments are considering them seriously.
Also, a lot of emphasising is done on the implementation of Blockchain in several areas, including Commerce, Business, Taxation, Crowd funding, etc.
Image via Shutterstock
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