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
Made with AI
Tier I
Sector: #18291
Sealed Hiding Place Room

Resource Cache
Tier I

Meme Cache
Tier I

Equipment Cache
Tier I
After collecting, hiding places will be stored in your inventory and can be opened with Keys.
Tier I
Sector: #18291
25%
50%
75%
100%
Survivors rescued:
0 / 600
Survivors
0/0
Other news
Bybit Introduces Bybit Odds, Integrating Prediction Market Analytics
Bybit has launched Bybit Odds, an innovative analytics product designed to integrate prediction market data into its trading ecosystem.

Binance Expands Automated Trading Tools for Users
Binance has introduced new Spot Grid and Spot DCA bot support for additional trading pairs, enhancing its spot platform's automation.

China Launches Investigation into AI Labs for Data Misuse
China has launched an investigation into AI labs DeepSeek and Moonshot AI for allegedly routing sensitive user data to Anthropics servers.

Lion Group Holding Adds HYPE Tokens to Corporate Treasury
Lion Group Holding has disclosed a corporate treasury position of approximately 195,000 HYPE tokens, marking a significant move in corporate crypto asset holdings.

Zcash ETP Gains Traction Amidst Market Surge
Zcash has seen a remarkable price increase this year, with gains exceeding 2,700%, fueled by the launch of the Zcash exchange-traded product (ETP) by 21Shares, providing a regulated way for investors to gain exposure to Zcash.

21Shares Launches Europe's First Zcash ETP
21Shares has launched the first Zcash ETP in Europe, available on Euronext Paris and Amsterdam, with a 25% management fee.

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




