Russia’s Tatarstan eyes building $100m Bitcoin mining center

Fintech
company
Innopolis
Tech
controlled
by
a
former
minister
of
communications
of
Russia
is
set
to
build
the
largest
Bitcoin
mining
center
in
Russia
worth
around
$100
million.

The
Republic
of
Tatarstan
is
gearing
up
to
build

Russia‘s
largest
Bitcoin

mining
infrastructure
valued
at
around
$100
million
investments,
according
to

local
news
reports,
citing
Roman
Shaykhutdinov,
a
deputy
prime
minister
of
Tatarstan.

Speaking
at
a
crypto
forum
in
Kazan,
Shaykhutdinov
said
the
project
will
be
undertaken
by
Innopolis
Tech,
a
fintech
company
controlled
by
Nikolai
Nikiforov,
Russia’s
ex-communications
and
press
minister.

Although
specific
details
about
the
construction
timeline
and
the
list
of
investors
haven’t
been
disclosed,
Shaykhutdinov
said
the
facility’s
projected
hashrate
will
be
3
exahashes
per
second,
potentially
making
it
one
of
the
key
players
in
the
global
crypto
mining
industry.

Despite
the
ambitions,
Russia
still
doesn’t
have
a
clear
regulatory
regime
for
crypto
miners.
In
late
April,
Russia’s
lawmakers

unveiled
a
new
version
of
a
bill
aimed
at
regulating
the
crypto
mining
market
in
the
country.
According
to
Anatoly
Aksakov,
one
of
the
bill’s
authors,
the
bill
could
come
into
effect
as
early
as
September
this
year,
though
it’s
far
from
the
first
time
Russia’s
lawmakers
are
trying
to
build
a
regulatory
regime
for
crypto
miners.

In
mid-February,
BitRiver,
a
Bitcoin
mining
company
targeted
by
OFAC
sanctions,
also
unveiled
plans
to
launch
the
largest
data
center
in
Russia
focused
on
artificial
intelligence.

As
crypto.news

reported,
Bitriver-B,
a
subsidiary
of
BitRiver
Group,
is
set
to
launch
the
largest
data
center
for
energy-intensive
computations
in
Eurasia
in
the
second
half
of
2024.
The
expected
capacity
of
the
data
center
is
said
to
be
100
megawatts,
as
reported
by
Sergey
Bezdelov,
director
of
the
Association
of
Industrial
Mining.