BitRiver and the Russian government have formed a partnership to establish crypto mining facilities in the BRICS countries.
RBC’s domestic media outlets have reported that this substantial initiative is in collaboration with the Russian Direct Investment Fund (RDIF), the nation’s sovereign wealth fund. It is a component of Russia’s aspirations to expand its involvement in the global cryptocurrency mining industry.
BitRiver is a prominent participant in the digital currency mining industry, as it operates 21 data centers in Russia. It is constructing an additional 10 centers, demonstrating its unwavering dedication to expanding its capacity. BitRiver is exploring the potential of crypto mining in the BRICS nations of Russia, India, China, and South Africa. The partnership is optimistic that the geopolitics and economics of these countries will create new opportunities for the development of mining infrastructure.
The participation of the RDIF suggests that this development is of strategic importance to Russia, where the government is striving to establish more energy-efficient data centres in order to establish a more substantial presence in the cryptocurrency industry. It is reasonable to assume that BitRiver intends to capitalise on the favourable regulatory environments and, more importantly, the more cost-effective energy sources of certain crypto mining operations in the BRICS nations, as crypto mining is a power-intensive process.
Russia and BitRiver have taken a new step towards the expansion of their data centres in crypto mining in BRICS nations, demonstrating their aspiration to be at the vanguard of the industry. This could result in a heightened capacity for Bitcoin mining and additional technological advancements in the crypto sector, thereby establishing both countries in strategic locations on the global stage.
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