Cryptouniverse, a Russian mining farm
Cryptouniverse, a Russian mining farm

Cryptouniverse, a Russian mining farm

By Rossana Prezioso - 23 Aug 2018

Chevron down

Over 3 thousand computers dedicated to the extraction of cryptocurrencies on a surface which exceeds 4 thousand square meters. These are the numbers of the first Russian mining farm built in the region of St. Petersburg

Project details of the Russian mining farm

It is the largest structure in the territory of the former Soviet Union and used exclusively for the creation of virtual currencies.

The announcement came directly from the regional government, which highlighted in a note an energy capacity of 20 mW.

The total cost of operation? 500 million rubles, about 7.3 million US dollars.

The project is led by Cryptouniverse, a company specialising in the development of data centres for the creation of cryptocurrencies, which has used a former fertiliser production laboratory at the Levoberezhny industrial park in Kirishi.

The Vice-Governor of the Leningrad region, Dmitry Yalov, said at the opening of the centre:

Favorable conditions have been created on the territory of the Leningrad Region for the creation of mining farms. There is enough capacity in the region, so electricity prices are relatively low. This is among the undeniable advantages of the region, along with the availability of engineering sites and qualified personnel“.

Passion for cryptocurrencies is spreading

The first currencies produced will be bitcoin and litecoin: on the site, each investor can place their own equipment or take advantage of those already present since the structure offers the full cycle of production.

Therefore, not only the creation of virtual coins but also 360-degree services for those working in the mining sector.

Another area that interests entrepreneurs and the Leningrad government would be Sosnovy Bor near St Petersburg: the projects have been already submitted to the local authorities scheduled to open in 2021.

The structures specifically destined to mining are multiplying, a spread favoured by the fact that many are asking for regulations in the sector.

The Pushkin Leningrad State University, the Russian Association of Cryptocurrency and Blockchain and the Leningrad Chamber of Commerce and Industry are organizing to call for a regulatory framework that will allow, at the regional level, the use of cryptocurrencies and, more generally, the exploitation of blockchains in companies and crowdfunding projects.

Rossana Prezioso

Passionate about the new frontiers of online publishing, she decided to further deepen her knowledge by dedicating herself to the study of cultural and economic changes derived from the emergence of hi-tech finance, developing the themes concerning new business models related to it and the geopolitical influences of the new cryptocurrency economy.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.