Published On: Fri, Apr 13th, 2018

Russia’s Bitcoin Mining Industry Takes Root in Siberia

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One of the largest cryptocurrency mining farms in Russia is expected to start operations within a month at the “Divnyi” industrial park in the city of Divnogorsk, located in the remote Krasnoyarsk region.
Russia’s Mining Industry Expands East
Danil Zakomolkin, general director at BitBaza, revealed the plans on the sidelines of the Krasnoyarsk Economic Forum on April 12th, according to Russian news agency TASS. He said:

There will be a mining-farm, one of the largest in Russia. Downstream, we’re planning to create a product that will be more liquid than mining, therefore this is a strategic project.

Zakomolkin added:

Krasnoyarsk has a surplus of electric energy. Particularly the ‘Divnyi’ industrial park, which has three power rafts connecting it to the main energy grid.

The region was selected by the mining company not only for its low electricity costs but with consideration of “energy security” as it’s located in a remote part of Russia that’s about 1,000 kilometers north of the Mongolian border.
Construction has already started, and infrastructure costs are expected to be around 3 billion rubles ($48 million USD).
“We have already been setting up …

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