The allegedly largest Russian cryptocurrency mining operation has recently been launched and plans to wrestle away China’s dominance of the crypto mining industry with this audacious new project.
Crypto Disrupt recently published a news story that Russian cryptocurrency mining was on the rise with the 15% increase in crypto mining companies now in operation across Russia in 2018.
Boost for Russian cryptocurrency mining industry
A Russian cryptocurrency mining company has made a bold move to construct the “largest crypto mining farm in Russia” on a former fertilizer factory that could threaten China’s tight grip on the crypto mining scene. The new crypto farm is called the Kriptoyunivers Center and will facilitate the mining of both litecoin and bitcoin.
The industrial-sized crypto farm is set over a gargantuan 4,000 square meters of land near to St. Petersburg in the town of Kirshi. With an investment of over USD 7.4 million used to construct the allegedly largest Russian cryptocurrency mining enterprise, it is a bold move that will have Chinese crypto mining firms shaking in their proverbial boots.
The co-founder of Kriptoyunivers, Alexei Korolyov, recently told the Japan Times that “This is the largest and so far the only farm in Russia that offers the ‘full cycle’ — not just producing cryptocurrency but also offering services to those who do the mining.”
It is important to note that the claims of Korolyov in regards to the Russian cryptocurrency mining farm being the largest in Russia cannot be verified because many of the nation’s crypto mining operations are run in strict secrecy regarding output and income, so it is difficult to gauge if the claims are true.
Vying to overcome Chinese crypto mining dominance
Russia could be perched to overtake China as the leading nation for cryptocurrency mining in the world based on the current growth of Russian crypto mining companies in 2018. In fact, Russia could be the only nation to have the population to match China in many ways, with 144 million inhabitants in Russia compared to the breathtaking figure of almost 1.4 billion people now living in China.
The new crypto farm was constructed in line with Russia’s current crypto mining regulations, although nobody knows what will happen when Russia release their new rules on the production of cryptocurrencies that are expected to be passed by the Russian government by the end of the year that could see a controversial ban on crypto trading.
Even amidst the promise of more restrictions and ongoing attempts to curtail and sanction Russian cryptocurrency mining operations, the nation is still the third largest crypto mining destination in the world behind the US and China.
As with most nations, the governments of countries are sending out mixed signals in regards to crypto adoption. In July, Russian media sources leaked information that the defense ministry had set up a dedicated blockchain research center to perform vital research on the possibility of using blockchain technology to fight cybercrime.
The launch of this new and exciting Russian cryptocurrency farm that is allegedly the largest in the country comes at a time when Russia is leading the world in crypto mining growth.