at first to cryptocurrencies and Russia, which is cautious about mining, is now making a name for itself with the steps it has taken regarding crypto.
local news agency RBCAccording to the news published yesterday, a republic in Eastern Siberia and Buryatia, which is part of the Russian Federation, cryptocurrency mining center will be established.
The Far East Development Agency, a subsidiary of the Ministry of Far East and Arctic Development (KRDV), announced that the new facility will open.
The new crypto mining center will be opened directly with the support of $12 million from the Russian government.
Bitriver, Russia’s largest cryptocurrency mining colocation services provider, will own and operate the center to be established.
This new facility will house 30,000 mining machines and employ 100 people and will draw 100 megawatts from the electricity grid.
The announcement also stated that this facility will open in the first half of 2023.
The RBC report stated that the mining hub in Siberia will benefit from several incentives, including zero land and property tax and a lower income tax rate. The electricity costs of the facility will also be reduced by half.
Buryatia KRDV director Dmitry Khameruev said in his statement:
“Bitriver-B, one of the most important initiatives for the digital development of Buryatia, has been provided with a wide range of government support tools.
These are land, property tax is zero, insurance premiums have been reduced to 7.6 percent, income tax rate has been reduced.
After connecting the facility’s electricity to the national electricity grid, the electricity tariff will be reduced by about half.
This is one of the most important support measures for an energy-intensive business.”
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