Innopolis Tech, a fintech company led by former Russian Minister of Communications, Nikolai Nikiforov, is planning to construct the most extensive Bitcoin mining center in Russia, with an estimated value of $100 million.
The Republic of Tatarstan is preparing to establish Russia’s largest Bitcoin mining infrastructure with an investment of approximately $100 million, as stated by Roman Shaykhutdinov, Tatarstan’s deputy prime minister, in local news reports. Speaking at a cryptocurrency forum in Kazan, Shaykhutdinov revealed that the project will be managed by Innopolis Tech.
Although details regarding the construction schedule and investors remain undisclosed, Shaykhutdinov mentioned that the facility’s anticipated hashrate will be 3 exahashes per second, positioning it as a significant player in the global crypto mining sector.
Despite these ambitious plans, Russia currently lacks a definitive regulatory framework for crypto miners. In late April, Russian lawmakers introduced a revised bill aimed at regulating the crypto mining market in the country. Anatoly Aksakov, one of the bill’s creators, suggested that the legislation could be enacted as early as September this year, marking another attempt by Russian lawmakers to establish regulations for crypto miners.
Furthermore, BitRiver, a Bitcoin mining company facing OFAC sanctions, announced its intentions to launch the largest data center in Russia focused on artificial intelligence. BitRiver-B, a subsidiary of BitRiver Group, is scheduled to unveil the largest data center for energy-intensive computations in Eurasia by the second half of 2024, with an expected capacity of 100 megawatts, according to Sergey Bezdelov, director of the Association of Industrial Mining.
In conclusion, despite rumors of a potential crypto ban in Russia, a lawmaker has confirmed that there are no concrete plans for such action.