Russia approves cryptocurrency mining operations by 'Minery' company

Recently, the decision of the Central Bank of Russia to authorize mining operations within five complexes in several Siberian locations was announced.

Although the measure prohibits the sale of cryptocurrencies within the territory, operators and developers must also be responsible for their generated tax returns.

In this sense, and taking into account the opportunity, the company 'Minery', in partnership with the electricity company 'Bratsk', will build five mining complexes with capacities of 55 megawatts within a land of 5,000 square meters in Siberia.

According to the authorities, the company will be key in the cryptocurrency mining processes in Russia, providing from the required hardware, installation services, as well as necessary repairs; likewise, it will use a minimum amount of electrical resources to guarantee security and expense cuts.

It should be noted that Russia has a favorable territory to carry out this type of process; However, since trade in digital assets is illegal at the government level, it is estimated that more than 1.5 million citizens are involved in independent mining activities from their homes.

As previously reported, the high use of electrical resources imposes risks at the level of fires or short circuits, endangering not only the buildings, but the very life of the residents. In addition, many have incurred the theft of electricity or equipment to conduct mining operations.

For these reasons, such acts have come under the restriction of the Russian authorities. In this regard, the CEO and co-founder of Minery, Ilya Bruman, reported that:

After having been mining since 2016, we have found restrictions at the domestic level, so we came up with a solution in terms of scalability and legal operations. [...] The idea is to build an integral infrastructure, which provides a highly efficient, powerful and stable electricity supply for our investors, ensuring the proper functioning of their mining businesses.

As a final note, the co-founders of the project revealed that the complexes will be located in three different cities and will depend on the renewable resources of the hydroelectric power plants in the vicinity of Bratsk, Irkutsk and Ust-Ilimsk in Siberia.