Tatarstan sets sights on constructing a Bitcoin mining center worth $100m
Innopolis Tech, a fintech company owned by Nikolai Nikiforov, a former minister of communications in Russia, is planning to construct the biggest Bitcoin mining center in the country. The project, estimated to cost around $100 million, is set to take place in the Republic of Tatarstan. Deputy Prime Minister Roman Shaykhutdinov made the announcement at a crypto forum in Kazan. While the specific details regarding the construction timeline and investors have not been revealed, Shaykhutdinov stated that the facility’s expected hashrate will reach 3 exahashes per second, potentially positioning it as a major player in the global crypto mining industry.
However, Russia faces a challenge in terms of regulatory clarity for crypto miners. Recently, lawmakers introduced a new bill aimed at regulating the crypto mining market, but it has not been enacted yet. Anatoly Aksakov, one of the bill’s authors, mentioned that it could come into effect in September. Nevertheless, Russia has made previous attempts to establish a regulatory framework for crypto miners.
In addition to this project, BitRiver, a Bitcoin mining company targeted by OFAC sanctions, has also revealed plans to launch the largest data center in Russia focused on artificial intelligence. BitRiver-B, a subsidiary of BitRiver Group, aims to establish this energy-intensive computations data center in the second half of 2024. The expected capacity of the data center is 100 megawatts, according to Sergey Bezdelov, director of the Association of Industrial Mining.
Despite these developments, a Russian lawmaker stated that there are no plans for a complete ban on cryptocurrencies in the country.
