Russia and BitRiver announced plans to build Bitcoin mining facilities in BRICS countries. The project also aims at developing data centers capable of deploying AI technologies.

BRICS Mining Plans

The announcement was made at the BRICS Business Forum and includes Brazil, Russia, India, China, and South Africa. The main goal is to develop Bitcoin mining and integrate AI technologies into mining infrastructure.

Role of RDIF and BitRiver

The Russian Direct Investment Fund, established in 2011, has invested in over 100 projects totaling more than 2.2 trillion rubles. BitRiver currently operates 21 data centers in Russia with 10 more under construction. The company focuses on energy-intensive computations suitable for both Bitcoin mining and AI.

Legislative Changes and Prospects

In August, Russia legalized Bitcoin mining. The law allows registered companies to conduct mining while small operators can mine without registration within specific limits. This creates a regulated environment for mining in Russia.

The RDIF and BitRiver collaboration aims to enhance Russia's presence in Bitcoin mining and the global computing market. This presents an opportunity to expand Russia's role within the BRICS framework.