Sun, September 25, 2022

Russia and crypto-related companies

Crypto mining and new opportunities

Companies are looking for places to open crypto mining farms. However, it is quite hard to find a suitable place for several reasons. Access to cheap electricity is one of the conditions. Moreover, there are other issues as well.

Last month, a Russian state-owned corporation opened a unique facility that will please crypto miners. Rosatom State Atomic Energy Corporation opened a crypto mining farm. Rosatom is the first big government-owned to support crypto mining in Russia.

The facility is located near the Kalinin nuclear plant in Udomlya, in the Tver region.

The state-owned corporation spent more than $4.8 million to build the 30-megawatt facility.

Based on the information, a new facility in the Tver region will have enough space for 30 containers. Each of them will have the room for almost 400 individual mining computers.

Nevertheless, Rosenrgoatom has no intention to start crypto mining. The corporation will rent the space to the crypto miners. Moreover, it also plans to sell additional electricity to heavy users.

Thanks to the mining farm, a state-owned corporation will be able to diversify its business activities. Both data centers and crypto miners need a lot of energy to sustain their operations.

Furthermore, the company plans to open 240 megawatts or more of the power generated by its facilities for such activities.

Rosenergoatom partnered with ECOS-M, a mining hotel firm. This company will serve as an intermediary between the state-owned company and miners.

Crypto mining in U.S. Kazakhstan and China

Crypto news on Thursday

Let’s have a look at the price of electricity companies will have for using the electricity generated by the nuclear power plant.

It will cost 4 to 5 cents per kilowatt-hour. For example, in some regions of China and Kazakhstan, it is possible to pay less than 4 cents.

There are other crypto mining farms in the world. Chinese mining giant Bitmain is building the mining farm in Texas. This facility will have a capacity of 25 to 50 megawatt at the beginning and will expand to 300 megawatts.

Bitmain is also constructing another farm in Texas; Bitmain plans to open 300 megawatts facility, and later this crypto mining farm will reach up to 1 gigawatt.

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