Russian Finance Ministry Intends To Open Cryptocurrency Farm In Murmansk

Russian Finance Ministry Intends To Open Cryptocurrency Farm In Murmansk

There is a program to open a new cryptocurrency farms in Murmansk region, where we can see abundant electricity available at affordable prices. This information appeared last week at Russian Investment Forum in Sochi.

The Deputy Minister told TASS, that they should go to the Kola Peninsula where there is a surplus in power generation.

Recently, Russian cryptocurrency miners have looked also towards Siberia for possible new plant development.

As the number of crypto currencies are picking pace, the development of so-called crypto-farms has got a major boost. More than thousand other digital currencies have been established since 2009, when Bitcoin was established. In cryptocurrency networks, mining is the validation of transactions, and the crypto currencies can be “mined” through specialized “farms”.

Recently crypto-farms have popped up on numerous locations. The major benefit is the huge energy consumption and cold climate with cheap electricity prices. The company called Genesis Mining built a mining farm in Iceland a few years ago.

Recently Russian authorities expressed reluctancy to open up cryptocurrency development programs in the country. Late in 2017 Russian President Putin called for establishment of a separate Russian digital currency called “cryptoruble”.

See the previous post.

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