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Cryptocurrency Mining Activities Settle and Grow in Siberia

· 14 Apr 2018 in Cryptocurrency News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Cryptocurrency mining activities are growing in Russia, but more specifically, Siberia. The region known by its cold temperatures is becoming of interest for large mining farms that already operate in Russia. Indeed, one of the largest Russian mining farms has the intention to operate at the industrial park in Divnogorsk.

Siberia Attracts Cryptocurrency Miners

As reported by the Russian news agency TASS, BitBaza, the leading developers, manufacturer and supplier of equipment for the cryptocurrency management in Russia, will be opening one of the largest mining farms in Russia.

Cryptocurrency Mining Farm
Cryptocurrency Mining Farm

Apparently, the main intention is to open a mining farm that would be connected with the main energy grid. The investment will be focused on the Divnyi industrial park, that offers important benefits for those who settle operations there.

Danil Zakomolkin, general director at BitBaza, commented:

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

Siberia is a good place to start a crypto mining industry. It offers cold weather, and cheap electricity. At the same time, as Mr Zakomolkin commented, the Krasnoyarsk region has a surplus of electric energy.

The construction has already started with a cost of around $50 million dollars, something similar to 3 billion rubles. Mr Zakomolkin has also explained that the mining farm will start with a capacity of 10 MWt, and will increase later to 120 MWt.

Some days ago, we wrote at UseTheBitcoin, that some crypto mining companies were searching new places where to invest in new mining rigs and farms. Among the countries chosen, we find Norway and Sweden.

It is very important for miners to have a cold weather that would reduce the temperature of the mining equipment, cheap electricity prices, and a stable economic and political situation. Other countries with important mining farms are Iceland, Canada, and Switzerland.

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