• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Regulatory Efforts and Cryptocurrency Mining Advancements in Russia

user avatar

by Giorgi Kostiuk

2 years ago


Cryptocurrency mining is gaining traction in Russia, with Innopolis Tech's initiative to establish the largest mining farm in the country with a massive investment of $100 million. The projected hash rate of the farm is set at 3 Eh/s. During the Kazan Cryptoforum, Roman Shaikhutdinov, the Deputy Prime Minister of the Republic of Tatarstan, announced the commencement of the project and the formation of a regional mining operator working group to oversee the operations. He also mentioned the lack of federal regulations but pointed out the State Duma's efforts to introduce a bill aiming to provide a regulatory framework for the industry. Alexander Shoitov, the Deputy Minister of Digital Development, Communications, and Mass Communications of the Russian Federation, highlighted Russia's advancements in cryptocurrency mining, with the country reaching the second position globally in 2023. Russia's potential to utilize up to 5 gigawatts of electric power for mining activities positions it as a key player in the sector. The mining capacity in Russia is expected to grow by 40% in the current year, further solidifying its position. The substantial investment in Innopolis underscores the region's commitment to enhancing its presence in the global cryptocurrency mining market, aiming to stimulate the local economy and bolster Russia's influence in the crypto industry.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Speculation on US Bitcoin Reserve Revived by Market Commentator

chest

Jim Cramer's remark about a potential US Bitcoin Reserve at $60,000 has reignited discussions in the crypto community.

user avatarLucas Weissmann

CryptoQuant Founder Analyzes Bitcoin Market Dynamics

chest

Ki Young Ju, the founder of CryptoQuant, analyzes Bitcoin's market dynamics, stating it is not pumpable due to the divergence between Market Cap and Realized Cap.

user avatarFilippo Romano

EU Moves to Sanction Russian Crypto Transactions

chest

The European Commission is taking steps to prohibit all crypto transactions with Russia to prevent sanctions evasion.

user avatarEmily Carter

Binance Records Largest Ethereum Withdrawals Since August 2022

chest

On February 5, 2023, Binance experienced significant Ethereum withdrawals, with daily net outflows reaching approximately 158,000 ETH, marking the largest withdrawal event since August 2022.

user avatarKaterina Papadopoulou

Critical Support Zone for Bitcoin Emerges Amid Market Decline

chest

Critical support zone for Bitcoin emerges amid market decline, indicating potential bearish phase.

user avatarTomas Novak

Cango's Strategic Shift to AI Computing

chest

Cango is making a strategic pivot into AI computing while continuing its Bitcoin mining operations.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.