Russia / Россия: Russian Federation to launch a cryptocurrency mining plant worth $12.3 million

Feb 16, 2023 | Posted by MadalineDunn

The Russian Federation has announced its intent to launch a crypto-mining facility worth over $12.3 million (900 million rubles) in the coming months. To be situated in Buryatia, a Russian republic in eastern Siberia, the facility, upon completion, is pegged to contain 30,000 mining devices.

According to the Russian Federation, the facility, that Bitriver-B is building, will consume a predicted 100 megawatts of power overall, and is set to open in the first half of 2023. Further, the mining facility is projected to employ approximately 100 people. 

“The Bitriver-B company, which is building one of the most important enterprises for the digital development of Buryatia, has been provided with a wide range of government support tools,” said Dmitry Khameruev, director of KRDV Buryatia.