• 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

Ethereum Network Activity Declines

chest

Recent reports indicate a significant drop in Ethereum's network activity, with daily active addresses falling to their lowest level in seven months.

user avatarEmily Carter

Tron TRX Price Stalls Amid Resistance

chest

Tron TRX is trading around 0.2816 with a daily rise of 2.59%, but remains below key moving averages, indicating market pressure.

user avatarTomas Novak

Major Banks Anticipate $157B in Profits by 2026

chest

Six major U.S. banks are projected to earn a collective profit of $157 billion by 2026, driven by trading and advisory services.

user avatarKaterina Papadopoulou

Arbitrum Posts Exceptional Network Usage Amid Layer-2 Expansion

chest

Arbitrum continues to demonstrate high transaction volumes and stable network adoption metrics.

user avatarLi Weicheng

Worldcoin's Groundbreaking Identity Infrastructure Draws Attention

chest

Worldcoin focuses on digital identity verification, showing significant growth in wallet interactions.

user avatarMaya Lundqvist

Maxi Doge Engages Community with Memestyle Features and Rewards

chest

Maxi Doge is focusing on community engagement through staking rewards and tasks to maintain interest during and after the presale.

user avatarTenzin Dorje

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.