Russia has a new cryptocurrency mining facility which was launched on Monday and is believed to be the largest crypto mining facility in the country. It is located in a space that was previously a fertilizer lab.
The new cryptocurrency mining unit, called the Kriptoyunivers center, is the latest crypto mining facility to be launched in Russia. Its launch has taken place at a time when authorities in the country have been working towards introducing regulatory measures for the booming cryptocurrency market.
“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,” stated Alexei Korolyov who is one of the founders of the Kriptoyunivers center.
Although Korolyov claims that the mining facility is the largest in the country, it is a statement that cannot actually be verified. This is because there are many other cryptocurrency mining operations that operate secretly in Russia. This means that there could potentially be some secret mining operations that are bigger than the Kriptoyunivers center.
There are many secret cryptocurrency mining operations in the country because the Russian government has been cracking down on illegal mining. Russia is one of the key producers of cryptocurrencies alongside the U.S and China. The mining of digital currencies is a highly lucrative endeavor but it is also outlawed in some regions because it is electricity-intensive.
The Russian government is currently reviewing a contentious bill that if passed, will allow cryptocurrencies to be produced in the country but it will ban any cryptocurrency trading in a bid to protect the Ruble. The bill will most likely be passed into law before the end of 2018. Russia’s case has been controversial because the country insists on encouraging local producers of cryptocurrencies to sell their digital coins on foreign markets.
The announcement about the launch of the Kriptoyunivers center has generated a lot of interest because the facility will demonstrate how it will navigate the regulations to produce cryptocurrencies in a manner that is profitable. The result will be a guideline that can be used by future cryptocurrency-related endeavors.