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Russian Businessman Buys Two Power Plants For Cryptocurrency Mining

Russian Businessman Buys Two Power Plants For Cryptocurrency Mining

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Russian Businessman Buys Two Power Plants For Cryptocurrency Mining

 

In Russia's Primorsky Krai and Udmurtia regions, a Russian businessman buys two power plants for Cryptocurrency mining purposes.

Being the first of its kind deal in the country, the story has garnered a lot of media coverage.

The two power plants are situated in the Perm Region, on the Middle Ural Mountains, and in the neighboring Republic of Udmurtia. The newly acquired facilities will be put to use as a 'Data-Center' and 'Cryptocurrency Mining Farm'– as reported by Kommersant newspaper.

Aleksey Kolesnikov, who bought these power plants told that the plan for creating a data-center is a result of the Russian legislation, which demands for the data to remain within the Russian territory. He made it clear that the cryptocurrency mining will only be possible if the Russian government adopts the legislation.

"We're thinking about the creation of a mining plant as well, but only after the corresponding regulations are adopted in Russia."

Currently there is no single opinion about cryptocurrencies in Russia. The Russian government does not presently have any law that would bind cryptocurrencies. Although they are continuously working to come up with a framework to regulate Bitcoin & other cryptocurrencies.

As per earlier reports, Russia is working towards coming up with a cryptocurrency of their own.

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