In Russia Rapidly Open Mining Farms

Cryptocurrency Mining

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Russia’s crypto mining firm BitBasa will establish its offices in Krasnoyarsk Krai in Siberia. According to the company’s director general Daniel Zakomolkin, they settled on Siberia because of its availability of cheap energy. According to Zakomolkin:

“We will establish a firm in Siberia which is planned to create a product that will be more liquid than just mining thus making the project more strategic. Krasnoyarsk is our preferred location because the region already has electric power surplus. The area has three busbars connecting to one power system at its disposal.”

Zakomolkin noted that the construction process of the firm and its blocks of processors in the industrial region was started over a month ago and was developing in a positive way. The firm intended to attract 10 Megawatts of for a start before increasing to 12 Megawatts. They are also targeting to attract specialists from the Siberian State University. More to that they have already laid a plan to convert the heat produced during the mining into thermal power which will be used for residential heating.

The Russian government has been looking for illegal Bitcoin miners after an illegal mining firm was discovered in an old factory. Since then the Internal Affairs Offers have arrested two men for involvement in the illegal mining. The two were charged for not paying for power worthy millions. More to that they were also charged with illegally connecting 6000 mining devices to a substation nearby.

The Russian government is also reportedly going after Telegram days after its ICO which collected more than 1.7 billion Dollars. The country is planning to block Telegram from operating in the country because of its high encryption. This fate was determined yesterday in a court of law with state agents saying that the process to block Telegram would start very soon. The country has generally been divided on how to regulate cryptocurrency with some ministries recommending a total ban.

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