Cryptocurrency mining is a booming activity, which in recent times has achieved great popularity due mainly to the increase in cryptocurrency prices at the end of 2017.
Since the cryptocurrency boom, many companies and people, mainly linked to the bitcoin ecosystem, have ventured into this activity, and for this they have installed mining farms in various parts of the world, with China being the pioneer country, where the industry.
Russia stands out for offering one of the cheapest electricity rates in the world, focusing on power generation with little damage to the environment, such as natural gas and nuclear and hydroelectric power, while coal accounts for only 18% of the Electricity generation of the country.
It should be noted that, the largest data center of the former Soviet Union, BitRiver, opened about a year ago in the Siberian city of Bratsk and the vast majority of its customers use Bitcoin (BTC) mining facilities, Bloomberg reported on 24 of November.
The data center allows cryptocurrency miners to take advantage of cheap energy in what used to be the world's largest aluminum smelter. The plant was built by the USSR in the 1960s with the hydroelectric plant still active to boost its operations. Still promoting low service costs and reducing a huge amount of taxes. Generating greater economic contribution for adjacent clients.
Cold environment, Cheap electricity
However, the location of the data center also benefits from a cold climate, which allows mining hardware to work at higher efficiency rates while reducing cooling costs. Reduces risks of overheating of mining equipment, resulting in a great investment advantage for its customers. Being one of the most feasible suppliers in the Bitcoin mining service, providing less expensive services and ensuring quality makes it one of the pioneers of the Bitcoin farm market not only in Russia but for foreign investors.
Excerpts from rumors threads, it is known that countries like North Korea, communist countries of South America are their biggest clients, who decide to invest grow as a great mining power in this sector of the Soviet Union.
From what is known, Oleg Deripaska, the billionaire and president of Rusal, the second largest aluminum company in the world for having franchises in various countries, is the largest shareholder of Bitriver. He would have had the idea of building the data center about five years ago and directed his company Rusal together with the aluminum and energy producer En + to reuse the facilities.
According to Bloomberg, Russian law does not recognize cryptocurrency mining. Due to this legal gray area, Bitriver is not directly engaged in mining, but only provides technical equipment and services to its customers, including Japan, China and the United States, which function like any other data center.
