Russian Governor Invites Cryptocurrency Miners

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Cryptocurrency Miners

Russia shows more interest towards crypto mining.

Mining is the method used to generate Digitalcoins. Miners use the processing power of their CPUs or GPUs or ASICs to secure and process Digital coin transactions.

The Russian Leningrad region wants to create an industrial park for cryptocurrency mining including bitcoin. The region’s governor is inviting miners to the Sosnovy Bor area near St. Petersburg to create industrial-scale mining farms at the old Leningrad nuclear power plant.

Miners Invited to Relocate to Leningrad Region

The governor of the Russian Leningrad region, Alexander Drozdenko, is inviting cryptocurrency miners to set up mining farms in the region, according to local publications. At the third annual forum for the region’s small and medium-sized businesses (SMEs) called “Energy of Opportunities” which took place last week, he proposed that the first Leningrad Nuclear Power Plant (LNPP) could be used to set up cryptocurrency mining farms. The event was attended by 600 entrepreneurs and federal agency representatives.

Russian Governor Invites Cryptocurrency Miners to Set Up Mining Farms in Leningrad
Governor Alexander Drozdenko Speaking at the Leningrad Region’s “Energy of Opportunities” Forum 2017.

The Leningrad region is bordered by Finland in the northwest and Estonia and St. Petersburg in the west. The region’s first LNPP, which was commissioned in 1974, is located in the town of Sosnovy Bor. Currently, the second nuclear power plant (LNPP-2) is being developed next to it.

“As you know, the construction of LNPP-2 is being completed in Sosnovy Bor, and large areas of the first nuclear power plant are being liberated,” Drozdenko explained, adding that this site may be of interest to cryptocurrency miners. 47News noted:

Production sites that are being released during the construction of new power units of the Leningrad nuclear power plant will be available for new residents as early as 2018.

Cheap Energy and Special Benefits

Russian Governor Invites Cryptocurrency Miners to Set Up Mining Farms in Leningrad
Leningrad Region’s Governor Alexander Drozdenko.

Governor Drozdenko noted that “for the production of bitcoins, first of all, large areas for processing and cheap electric power are required.” His office has already been in discussion with Alexey Likhachev, Director General of Rosatom State Atomic Energy Corporation, as well as other Rosatom heads about how “the liberated facility of Leningrad NPP can be used as a technopark designed for cheap energy,” he revealed. Headquartered in Moscow, Rosatom is the regulatory body of the Russian nuclear complex which runs all nuclear assets of the Russian Federation, both civilian and military.

In addition, the governor said that with the support of SMEs, the Leningrad region can pioneer the creation of cryptocurrency mining farms in Russia. According to the press service of the Leningrad region government:

In the new technopark, residents can be granted additional preferences and benefits.

Other Attempts to Attract Crypto Miners

Earlier this month, news.Bitcoin.com reported on a project to subsidize electricity costs to cryptocurrency miners, initiated by the Institute for Internet Development (IRI) and the Russian Association of Blockchain and Cryptocurrency (RABIK). However, the location of this project has not been disclosed. Meanwhile, another region in Russia has also been trying to attract cryptocurrency miners. The Kaliningrad region has the largest increase in cryptocurrency mining-related search queries in the first half of this year, according to a report by Google.

Moreover, First Deputy Prime Minister Igor Shuvalov recently revealed that the government is discussing the creation of state-owned cryptocurrency mining centers.

Do you think bitcoin miners should move to the Leningrad region? Let us know in the comments section below.

via Bitcoin


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