The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB) announced the launch of a project to attract mining companies to Russia.
The association noted that Russia offers favorable conditions for miners — an electricity surplus and a cold climate that allows cooling of equipment without special cooling devices.
To promote and implement the project, RACIB is working closely with local authorities and state corporations within working groups, the association said.
As an example, RACIB cites a project to build mining farms powered by green energy.
“In addition to hydro and nuclear power, which account for about 40% of the country’s total energy balance, new sources of electricity are also being considered, for example based on wind generation,” the association said.
The most promising site from this perspective is located in Rostov Oblast, home to a wind farm with a capacity of over 300 MW, the statement said.
RACIB has already drawn up a list of suitable sites for building data centres and mining farms with a total capacity of more than 2 GW.
The association will coordinate cooperation among various Russian government agencies, energy companies and foreign investors.
Currently, RACIB’s largest overseas partner in this project is a consortium of mining companies from China. The association did not disclose which specific companies are involved.
The association emphasised that many Chinese miners are currently migrating to other countries, primarily the United States and Canada, and Russia should join this process to ‘avoid a new concentration of mining resources in a single region’, the association said.
Earlier, ForkLog spoke to experts about the prospects for relocating miners from China to Russia.
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