Russian Official Plans to Rival Bitcoin Mining Mega-Farms of Texas

Russian Official Plans to Rival Bitcoin Mining Mega-Farms of Texas
фото показано с : newsbtc.com

2019-10-30 01:00

A massive new Bitcoin mining facility looks to be coming to Russia. The vast new data centre is being constructed by Russian Mining Company – a firm owned by the nation’s internet ombudsman.

The planned mining operation looks set to be one of the largest on the planet. The news follows announcements by Bitmain and Layer 1 detailing plans to open vast new facilities in the US state of Texas.

Russian Firm Steps Up with Massive Bitcoin Mining Ambitions

According to a report in a local financial news publication RBC, the Russian Mining Company plans to open its new facility in the province of Karelia. The facility will reportedly command about a fifth of the total current Bitcoin hashrate.

Dmitry Marinichev, the CEO of Russian Mining Company and the nation’s internet ombudsman, told the publication that the company plans to build the new mega mining facility in a disused metal working plant. The new facility will presumably be financed by the funds raised in the Russian Miner Coin ICO held in 2017. The token sale raised more than $43 million, making it the largest ICO held in Russia at the time.

Marinichev stated the following of the metal working plant’s re-purposing:

“Now the plant is unprofitable for [its former owner], the electricity supplied to it is barely utilised, and people living in the single-industry town near the plant have nowhere to work.”

Despite Bitcoin’s price leaving investors guessing the cryptocurrency’s next move in recent weeks, the Bitcoin mining industry is clearly optimistic for the future. Aside from the recently announced Russian facility, there are two other massive mining operations currently in the works in Texas.

Earlier this month the Chinese mining hardware giant Bitmain unveiled a vast new facility in the southern US state. The Bitmain operation currently has a maximum capacity of 50 MW. However, the company is working on its expansion to an enormous 300 MW.

Similarly, the blockchain startup Layer 1 also recently announced plans to bring Bitcoin mining to Texas. The firm has reportedly raised $50 million from a group of private investors that includes Peter Thiel. The Layer 1 plans, as NewsBTC reported at the time, will see the company take care of almost all aspects of Bitcoin mining in-house. This includes running a power substation and developing its own hardware.

Even without these vast new mega mining operations, the Bitcoin network’s hash rate has been rising throughout 2019. Having recently set a new all-time high, the measure of computing power securing the cryptocurrency has since dropped down to 91.2 million TH/s. To put that into perspective, at the time of the previous Bitcoin price all-time high, the network’s combined hashrate was just 14.5 TH/s.

 

BTC hash rate has gradually risen through 2019.

 

Related Reading: Chinese Interest in Bitcoin Remains High Post Crypto Rally According to Data

Featured Image from Shutterstock.

The post Russian Official Plans to Rival Bitcoin Mining Mega-Farms of Texas appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

mining russian bitcoin plans official looks rival

mining russian → Результатов: 83


Фото:

Компания интернет-омбудсмена РФ начнет майнинг биткоина на заводе «Русала»

Russian Mining Company (RMC), созданная при участии российского интернет-омбудсмена Дмитрия Мариничева, разместила оборудование для майнинга криптовалют на Надвоицком алюминиевом заводе (НАЗ) в Карелии.

2019-10-30 22:01


Фото:

Компания RMC хочет запустить майнинг-ферму в Карелии

Компания Russian Mining Company намерена вложить средства в майнинг-предприятие в Карелии. Локальные новостные издания отмечают, что ферма расположится на территории Надвоицкого алюминиевого завода.

2019-10-29 19:52


Компания интернет-омбудсмена РФ начнет майнинг биткоина на заводе «Русала»

Russian Mining Company (RMC), созданная при участии российского интернет-омбудсмена Дмитрия Мариничева, разместила оборудование для майнинга криптовалют на Надвоицком алюминиевом заводе (НАЗ) в Карелии.

2019-10-29 14:47


Фото:

В РФ на закрытом из-за санкций заводе будут майнить криптовалюту

В Карелии на территории Надвоицкого алюминиевого завода (НАЗ), который был закрыт в прошлом году после введения санкций США, разместят оборудование для майнинга криптовалют. Об этом сообщила один из основателей компании Russian Mining Company (RMC) Дмитрий Мариничев.

2019-10-29 14:30


Компания RMC хочет запустить майнинг-ферму в Карелии

Руководство Russian Mining Company (RMC) планирует профинансировать проект по запуску майнинг-предприятия в Карелии. Как отмечают местные СМИ, ферма будет функционировать на территории Надвоицкого алюминиевого завода.

2019-10-29 10:36


Last Week Today Bitcoin and Cryptocurrency Weekly Digest: August 10-17th

Last Week Today – Bitcoin and Cryptocurrency Weekly Digest August 10-17 Bakkt receives all regulatory approvals, set for September launch China's central bank set to launch state-backed cryptocurrency IRS sends a second letter of warning to cryptocurrency traders Litecoin network suffers dusting attack from Russian mining pool Bakkt at long last. How will it affect […]

2019-8-19 05:27


Russian Legislators to Consider Crypto Mining Regulations and Fines Before the End of June

Lack of Regulatory Clarity Regarding Use of Cryptos Vladimir’s latest order looks a lot like the order he made regarding cryptocurrency regulation last year. According to the latest orders, the Russian Duma is being urged to introduce administrative penalties for crypto miners who mine virtual currencies through open blockchains, the Chairman of the State Duma […]

2019-6-12 03:27


Mining Bitcoin or the ‘Crypto-Ruble’ Just Another Form of Counterfeiting, Claims Russian Banking Chief

The head of VTB Bank, a major Russian financial institution that sees the government as its majority shareholder, has compared bitcoin mining with counterfeiting. Andrei Kostin, who serves as the president and the chairman of the management board of VTB Bank, said Monday during an event that any person who prints digital money to replace Russian Ruble was counterfeiting the state-backed fiat.

2019-2-6 10:15


Фото:

Russia to Combat Counterfeit Diamonds through Blockchain Technology

A January 30, 2019 report announced that the Russian Ministry of Education and Science has developed a blockchain-based platform to track the production of diamonds to ensure authenticity. New Mining Operations Local media group TASS reported on January 30, 2019, that the Russian Ministry of Education and Science has developed a diamond-tracking platform for theRead MoreRead More.

2019-2-1 15:00


Dec 13th Crypto News Recap – Basis Shut Down, Iran Mining, Google Searches, German Exchange, and More [VIDEO]

No ‘Significant' Changes to Russian Crypto Bill Draft According to Deputy Prime Minister No ‘Significant' Changes to Russian Crypto Bill Draft According to Deputy Prime Minister Basis Stablecoin Shuts Down, Refunds $133M in Raised Capital Due to Regulatory Issues Basis Stablecoin Shuts Down, Refunds $133M in Raised Capital Due to Regulatory Issues Low Cost Electricity […]

2018-12-14 00:17


Russian Company Telecor Announces Construction of Data and Mining Centre Redstone, with Operations Set to Commence in June 2019

Bitcoin Press Release: New Russian-based data and mining centre Redstone has announced that it has nearly finished its construction and will begin operations in June, 2019. December 10th 2018, Krasnokamensk, Russia – New data and mining centre, Redstone is currently under construction in the Russian city of Krasnokamensk.

2018-12-11 23:02