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.
Regulatory Efforts and Cryptocurrency Mining Advancements in Russia

by Giorgi Kostiuk
2 years ago

Other news
ethlimo's Q2 2026 Update Reveals Advancements in ENS Infrastructure

ethlimo's Q2 2026 update highlights significant advancements in ENS infrastructure, showcasing its growing utility beyond crypto usernames.

NEAR Governance Approves Removal of Developer Gas Rebates

NEAR governance has voted to eliminate the 30 developer gas rebate program, redirecting all execution fees toward a protocol-level burn, expected to take effect in August 2026.

Optimism Addresses Critical Vulnerability Before Production Exploitation

Optimism disclosed a critical vulnerability in its preLagoon refund path, which was patched before exploitation on production chains.

Dev3pack Program Reports Significant Developer Engagement

The final report from the Dev3pack program highlights significant developer engagement and training outcomes.

Robinhood CEO's Account Hacked to Promote Fake Memecoin

The X account of Robinhood CEO Vlad Tenev was hacked to promote a fraudulent memecoin, highlighting vulnerabilities in crypto security.

Kraken Launches CFTC-Regulated Perpetual Futures for US Traders

Kraken has launched CFTC-regulated perpetual futures for eligible US traders, providing access to a previously unavailable product in the US market.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter