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Innopolis Tech, located in Kazan, Tatarstan, is set to establish the country's largest cryptocurrency mining farm with an investment of $100 million. The mining farm is projected to achieve a <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">hash rate</a> of 3 exahashes per second (Eh/s). Roman Shaikhutdinov, Deputy Prime Minister of the Republic of Tatarstan, announced the project during the Kazan Cryptoforum, noting that a regional mining operator working group has already been established, according to <a href="https://bits.media/kazanskiy-innopolis-vlozhit-100-mln-v-zapusk-mayningovoy-fermy/">Bits.media</a>. 
Shaikhutdinov highlighted that cryptocurrency mining is not yet regulated at the federal level, but the State Duma is working on a bill that might be adopted during the spring session. This regulatory framework could provide more clarity and support for the growing industry. 
Alexander Shoitov, Deputy Minister of Digital Development, Communications, and Mass Communications of the Russian Federation, emphasized Russia's significant progress in cryptocurrency mining. In 2023, Russia climbed to second place globally in cryptocurrency mining, with the potential to use up to 5 gigawatts of electric power for mining. This capacity could position Russia as a leader in the industry. The mining capacity in Russia is expected to grow by 40% this year. 
This substantial investment in Innopolis highlights the region's commitment to advancing its position in the global cryptocurrency mining market. The development of the mining farm is anticipated to boost the local economy and reinforce Russia's growing influence in the crypto industry.

Innopolis to Launch Nation’s Largest Mining Farm with $100M Investment

Ultramining_Eng

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