New Cryptocurrency Mining Farm to be Located in Siberia

It was recently announced that a new cryptocurrency mining farm will be created in Krai located in Siberia. This mining farm will be one of the largest of its kind in the entirety of Russia according to the director general of BitBaza, a cryptocurrency mining company. The company reportedly chose the region due to the low cost of the area and energy savings capabilities. They are expected to have infrastructure costs of around 3 billion roubles or approximately $48 million in USD. The BitBaza director general pointed out that the region of Krasnoyarsk, where the cryptocurrency mining farm is located, has a considerable electric power surplus that leads to savings in energy costs. The infrastructure of their energy grid is also very strong and ideal for an operation such as theirs.

The mining farm has been under construction for over a month and will feature blocks of processors inside of the large industrial park, "Divny". The power consumption of the factory will start with around 10MW and will grow to 120MW as the farm grows and starts to require more power but there are plans to use this power in an efficient way that benefits the company and the area around them.

It is believed that the project that is underway in Krai will draw the attention to attract graduates from Siberian State University who will work on converting the heat from the operation for other purposes. There are plans to use the large amount of heat that will be produced by the blocks of processors to heat houses and other residential buildings in the surrounding areas. This is a great benefit for those affected who are living in the freezing temperatures.

In Orenburg, the Russian Ministry of Internal Affairs made arrests in relation to an illegal mining operation. The two men were suspected of stealing power to mine digital currency by connecting upwards of 6,000 directly to a substation. They are being accused of using millions of kilowatt-hours without paying for them.