Home » Former Gulag in Russian Arctic Bids to Become Bitcoin Mining Hotspot

Former Gulag in Russian Arctic Bids to Become Bitcoin Mining Hotspot

Former Gulag in Russian Arctic Bids to Become Bitcoin Mining Hotspot

Norilsk. Supply: Adobe/Maxim

A Russian agency is about to open a lodge with a distinction within the Arctic Circle – though it isn’t the sort most people would ever dream of visiting. As a substitute it’s a crypto mining “lodge” fitted with ASIC bitcoin (BTC) mining rigs and powered with 11.2 MW {of electrical} vitality.

In a uniquely crypto-themed twist, the Norilsk-based “lodge” will likely be housed in amenities owned and previously operated by Norilsk Nickel, an organization (fronted by Russia’s richest man Vladimir Potanin) that’s engaged on the launch of a government-approved tokenized metals buying and selling platform.

Constructed on permafrost within the 1930s, Norilsk is likely one of the world’s most northerly everlasting human settlements – and was the middle of the area’s Gulag labor camps in Soviet occasions. Camp residents had been put to work mining and smelting nickel and different metallic assets within the metropolis. Common yearly temperatures are a frosty -6 to -10°C.

The bitcoin mining challenge seems to be the brainchild of Norilsk’s native authorities, which, per media outlet Zapolyarnaya Pravda, hinted that extra mining operators might quickly be welcomed to the area. The town’s council chief said,

“Constructing [mining farms] within the Arctic will entice giant investments right here. And that can undoubtedly drive up regional development.”

The amenities, run by a brand new Switzerland-based mining enterprise known as BitCluster will initially be kitted out with 150 Chinese language agency Bitmain’s S19 ASIC rigs.

The media outlet added that BitCluster has entered right into a direct settlement with the native vitality supplier, the Norilsk-Taimyr Power Firm.

Nevertheless, it seems that the town council has been actively pushing for the mining trade to think about Russia’s Arctic Circle territories as a vacation spot – notably for Chinese language miners trying to relocate from the Center Kingdom.

The town council’s chairman Alexander Pestryakov has been actively courting mining pursuits since 2019, the media outlet added. As cooling bills are nearly non-existent and electrical energy prices are low, up to now the one barrier to mining ventures was poor web connectivity.

Pestryakov claimed that high-speed web infrastructure is now extensively accessible in Norilsk, probably opening the floodgates for extra mining “lodge” initiatives within the close to future.
Study extra:
Russian Ministry’s Crypto Mining Plans ‘a Trigger for Concern’
Bitcoin Miners Are Utilizing New Methods to Hedge Dangers

Credit score: Source link

Spread the love

Related posts

South Korean Crypto Exchanges Search for ‘Seamless’ AML Solutions


A New ‘Wave of Regulatory Obligations’ Over Crypto Players in EU


S2F Bitcoin Price Model Gets ‘Red Dot,’ McAfee Bashes His USD 1M ‘Nonsense’


Leave a Comment