Here Comes Russia’s Largest Crypto mining Farm worth 7.3 Million U.S Dollars by CryptoUniverse

Equipped with 3000 pieces of mining equipment, spread across 4000 sq. Meters, Russia’s largest crypto mining farm is all set to surprise us. CryptoUniverse is the mind behind this plan. The mining farm has been constructed on the site where previously the “Soviet fertilizer-producing laboratory” once used to function. But since the past twenty years, the place was not occupied. On 20th of this month, the press service of the Governor and the govt. Of the Leningrad Region announced the opening of the largest farm.

In the announcement, details about the project such as the energy capacity of 20 megaWatt, a large number of mining machines (3000 machines), and 4000 sq. Meters area were mentioned. The sight of this farm has also been decided. It will be constructed on the industrial park- ‘Levoberezhny’ in Kirishi. As per the reports, a total of 500 Million Rubles has gone into the investment towards this crypto farm’s construction. (500 Million Rubles will roughly equate to 7.3 Million U.S Dollars.)

On this, at the opening of the crypto mining farm, Dmitry Yalov, the Deputy Governor of the Leningrad Region had the following to say-

Favorable conditions have been created on the territory of the Leningrad Region for the creation of mining farms. There is enough capacity in the region, so electricity prices are relatively low. This is among the undeniable advantages of the region, along with the availability of engineering sites and qualified personnel.

CryptoUniverse has built this crypto mining farm. In the opening ceremony of the crypto farm, the company said that the farm is set for producing Bitcoin (BTC) and Litecoin (LTC) The mining farm welcomes all kinds of investors. They are free to put their equipment in the area. The mining center is also available for renting the computing power for mining purposes.

On the other hand, the center’s co-founder- Alexei Korolyov said that this the largest mining farm in the country which is offering “full cycle.” He added that here one can find both the production of the digital cryptocurrency as well as services that cater to the people involved in the crypto mining business.

By far this is the only and the largest crypto mining farm in the country. But if we look at the news around crypto mining farm in Russia from last year, we would find that the Governor of the Leningrad Region encouraged crypto miners for building huge scale crypto mining farms. The place which was then decided was- Sosnovy Bor area near St. Petersburg. This location had an old unused Leningrad nuclear power plant before. This plan is still on.

During the St. Petersburg International Economic Forum, The Governor said that the plans for the production of the mining farm equipment had been finalized, and the expected date for the launch of the mining farm should be somewhere near 2021. On 20th, he added-

At the federal level, legislation is being drafted that will allow the regulation of the use of cryptocurrencies. […] The State Duma of the Russian Federation is considering bills on digital financial assets.

In the meanwhile, the plans and concepts for regulating the use of digital technologies, how the blockchain technology will be implemented in the businesses, how the crowdfunding projects will be managed, the “provisions of tax incentives for digital entrepreneurs”, etc., are getting chalked by Pushkin Leningrad State University, the Russian Association of Cryptocurrency and Blockchain, and the Leningrad Chamber of Commerce and Industry. Around 2019 fall, we can expect some clarity on this matter.

The Chief Marketing Officer of CryptoUniverse- Anton Makarchuk said-

We have already built a data center near a power station, where we will receive extremely advantageous conditions for the wholesale supply of electricity.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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