The new crypto mining facility will be supported by the Russian government and will be situated in East Siberia, with thousands of mining machines and several workers.
With support from the Russian government, a new crypto-mining facility is set to open in Siberia. Russia has recently warmed up to the crypto mining industry and has even offered them tax incentives. The new crypto mining facility is worth $12 million and will be situated in Buryatia in East Siberia, as announced by the Corporation for the Development of the Far East and the Arctic (KRDV).
It will be operated by BitRiver, which is the largest supplier of crypto mining colocation services in Russia. The crypto mining facility is huge in scale, with 30,000 mining machines and 100 workers. It will also utilize 100 megawatts from the power grid. The new crypto mining facility shows Russia’s open stance regarding crypto mining after the war in Ukraine and the subsequent sanctions by the west.
The Director of KRDV said, “The Bitriver-B company, which creates one of the most important enterprises for the digital development of Buryatia, has been provided with a wide range of government support tools. These are zero taxes on land and property, insurance premiums reduced to 7.6%, and a reduced income tax rate,” referring to the large-scale concessions the crypto mining facility has received. He also claimed after connecting the resident’s facility to the unified national power grid, the electricity tariff would be reduced by about half.