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Fintech company Innopolis Tech, controlled by a former minister of communications of Russia, is set to build the largest Bitcoin mining center in Russia, with an investment of around $100 million.
The Republic of Tatarstan is preparing to establish Russia’s largest Bitcoin mining infrastructure, valued at approximately $100 million. This initiative, announced by Roman Shaykhutdinov, a deputy prime minister of Tatarstan, aims to bolster the region’s presence in the global crypto mining industry.
Speaking at a crypto forum in Kazan, Shaykhutdinov revealed that the project will be executed by Innopolis Tech, a fintech company overseen by Nikolai Nikiforov, Russia’s former communications and press minister.
Although specific details about the construction timeline and the list of investors haven’t been disclosed, Shaykhutdinov mentioned that the facility’s projected hashrate will be 3 exahashes per second. This capacity could position it as a significant player in the global crypto mining landscape.
Despite these ambitions, Russia still lacks a clear regulatory framework for crypto miners. In late April, Russian lawmakers introduced 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. However, this is not the first attempt by Russia’s lawmakers to establish a regulatory regime for crypto miners.
In mid-February, BitRiver, a Bitcoin mining company targeted by OFAC sanctions, also announced plans to launch the largest data center in Russia focused on artificial intelligence. Bitriver-B, a subsidiary of BitRiver Group, is set to open the largest data center for energy-intensive computations in Eurasia in the second half of 2024. The expected capacity of this data center is projected to be 100 megawatts, as stated by Sergey Bezdelov, director of the Association of Industrial Mining.
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