Fintech company Innopolis Tech, led by a former Russian communications minister, is preparing to construct the most substantial Bitcoin mining center in Russia, with an approximate value of $100 million. The Republic of Tatarstan is aiming to establish the country's most extensive Bitcoin mining infrastructure with investments worth around $100 million. The project, as stated by Roman Shaykhutdinov, Tatarstan's deputy prime minister, will be executed by Innopolis Tech, a fintech company overseen by Nikolai Nikiforov, Russia's former communications and press minister.
Despite not revealing specific details regarding the construction schedule and investors, Shaykhutdinov mentioned that the facility's expected hashrate would reach 3 exahashes per second, positioning it as a significant participant in the global crypto mining sector. Russia, however, lacks a clear regulatory framework for crypto miners. In a recent development, Russian lawmakers introduced a new bill to regulate the cryptocurrency mining market, anticipated to be enforceable as early as September. This initiative reflects ongoing efforts by Russian authorities to establish a regulatory structure for crypto mining.
In a related move, BitRiver, a Bitcoin mining company under OFAC sanctions, announced plans to launch the most extensive data center in Russia specialized in artificial intelligence. BitRiver-B, a subsidiary of BitRiver Group, is on track to inaugurate the largest data center for energy-intensive computations in Eurasia by the latter half of 2024. The projected capacity of the data center is estimated at 100 megawatts, according to Sergey Bezdelov, director of the Association of Industrial Mining.
