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
XRP Price Analysis Highlights Key Resistance Level

A market analyst identifies a crucial resistance level for XRP that could determine its next price movement.

Binance Addresses Allegations Amidst Major Crypto Liquidation

Binance co-CEO Richard Teng addresses allegations regarding the exchange's involvement in the significant liquidation wave in crypto markets on October 10, emphasizing that external factors were the primary cause.

Ethereum Whales Continue Accumulation Amid Price Decline

Ethereum whales are accumulating ETH despite price decline, indicating a bullish outlook.

XRP Poised for Major Bullish Structure Shift

Crypto analyst ChartNerd suggests that XRP is on the verge of a significant bullish shift, contingent on maintaining its price above $1.

Howland Capital Management Increases Stake in Apple

Howland Capital Management LLC has increased its stake in Apple stock by 58%, purchasing 29,015 shares and raising total holdings to 527,531 shares, valued at approximately $145 million.

Apple Stock Approaches Technical Buy Point

Apple stock is nearing a breakout pattern with a technical buy point identified at 288.62.

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