Thanks to the low cost of electricity and its cold climate, the Russian region is an excellent location for mining activities.
The Governor of the Republic of Buryatia, in Russia, signed a decree authorising the construction of a large data centre in southeast Siberia. The facility will host a number of hi-tech activities, including a Bitcoin mining company (BTC).
The centre, built by BitRiver, is expected to create 100 new jobs. It will be equipped with state-of-the-art ASIC machines and will take about a year to complete. In addition to mining, Big Data and Internet of Things will be studied at the facility. It is Crypto Investor estimated that the total investment will amount to 691 million roubles, or about 900,000 dollars, coming from American, Chinese and Japanese investors.
Siberia is one of the most interesting locations in the world for Bitcoin mining: the abundance of natural resources means that the price of electricity is very low, and its icy climate makes it easy to cool the machines. In addition, its proximity to China, the main mining equipment manufacturer, should make the supply chain fairly easy.
However, there are serious doubts about the legal and regulatory framework for mining in the country, which could hamper the initiative.