Russia's largest Bitcoin mining farm begins construction at $7.3 million

Equipped with 3,000 mining equipment and covering an area of ​​4,000 square meters, Russia's largest Bitcoin mining farm surprised us. The plan was planned by CryptoUniverse. The mine was built on the site that was previously used by the "Soviet Fertilizer Production Laboratory". This place has been uninhabited for the past 20 years. On the 20th of this month, the Governor of Leningrad and the government press office announced the official start of construction of the city's largest mine.

In the announcement, details of the project were mentioned, such as 20 MW of energy capacity, a large number of mining machines (3,000 units) and an area of ​​4,000 square meters. The vision of this mine has also been determined. It will be built in the "Zolepolezhnyi" industrial park in the city of Kiri. According to the report, a total of 500 million rubles will be invested in the construction of this cryptocurrency mine. (500 million rubles will be roughly equivalent to 7.3 million US dollars.)

Regarding this, Dmitry Yalov, Deputy Governor of the Leningrad Region, said at the opening of the crypto mining farm:

"Conditions favorable for creating a cryptocurrency mining farm have been created in the Leningrad region. There is sufficient and relatively low electricity supply and prices in the region. This is one of the undeniable advantages of the region, along with the availability of qualified engineering sites and personnel."

CryptoUniverse built the mine. At the mine's opening ceremony, the company said the mine will be used to mine Bitcoin (BTC) and Litecoin (LTC). The Bitcoin mining farm welcomes all kinds of investors. They are free to place their mining equipment in the area. The mining center can also be used to rent computing power for mining.

On the other hand, Alexei Korolyov, co-founder of the center, said that this is the largest mining farm in the country and provides a “full cycle.” He added that here one can find both the production of cryptocurrencies and the provision of services for those engaged in cryptocurrency mining.

So far, this is the only and largest cryptocurrency mining farm in the country. However, if we look at the news about Russian mining farms from last year, we will find that the governor of the Leningrad region encouraged cryptocurrency miners to build large-scale mining farms. The place that was decided later was the Sosnovy Bor region near St. Petersburg. This place previously had an abandoned and unused Leningrad nuclear power plant. This plan is still in progress.

During the St. Petersburg International Economic Forum, the governor said that the production plan for the mine equipment has been finalized and the expected start of production should be around 2021. On the 20th, he added:

"At the federal level, legislation is being drafted that would allow for the regulation of the use of cryptocurrencies. The State Duma of the Russian Federation is considering a bill on digital financial assets."

At the same time, Pushkin Leningrad State University, the Russian Cryptocurrency Association and the Blockchain Association, and the Leningrad Chamber of Commerce are working together to regulate the planning and concepts of the use of digital technologies, how blockchain technology can be implemented in enterprises, how crowdfunding projects can be managed, "tax incentives for digital entrepreneurs", etc. Around the fall of 2019, we can expect this issue to become clearer.

Anton Makarchuk, Chief Marketing Officer of CryptoUniverse, said -

"We have built a data center close to the power station where we will have very favorable wholesale power supply conditions."