The rise in the popularity of cryptocurrency has subsequently led to an increase in mining across the globe as several facilities are being set up by individuals and private companies to take advantage of the demand for cryptocurrency and just last week it was announced that the worlds largest crypto mining farm intends to open its doors in 2020. With all this news about crypto mining both in countries that are friendly towards cryptocurrency like America and also in China that is famously anti-crypto, It seems that crypto and crypto mining is here to stay and are not being shut out at any point in the future.
According to November 24, 2019 reports, BitRiver, the largest data center in the Soviet Union, was open a year ago and uses most of these facilities for the mining of cryptocurrency specifically.
The facility in question used to be the world’s largest aluminum smelter and now allows ita clients to take advantage of its cheap electricity. The plant was built in the 1960s by the USSR and still has its hydropower plants that supply electricity for the entire facility. The plant is also located in a particularly cold region which helps the miners as they are able to run their machines at full efficiency while saving on cooling costs.
The largest shareholder in this facility is Oleg Deripaska, a billionaire and the president of one of the worlds largest aluminum companies and had come up with the idea five years ago and then instructed his company to partner with EN+ to repurpose the facility which is now one of the largest in the region if not the largest. The facility does skirt around certain gray areas of the law as Russia does not officially recognize crypto mining. The facility, however, does not technically mine cryptocurrency but simply provides the technology for its clients who do wish to mine cryptocurrency.
EN+, which supplies the power to the plant, gives about 100 MW in electricity for its purposes which is enough to power about 100,000 homes and thus, makes the facility one of the largest in Russia.