Regional Government Announces Opening of Largest Crypto Mining Farm in Russia

The largest cryptocurrency mining farm in Russia has opened in the Leningrad Region, according to the regional government. The facility is equipped with more than 3,000 pieces of mining equipment and covers an area of approximately 4,000 square meters.

Largest Mining Farm in Russia

The press service of the Governor and the Government of the Leningrad Region announced on Monday that “the largest data processing center in Russia, designed to extract digital currency – bitcoin” has opened in the Leningrad Region.

Regional Government Announces Opening of Largest Crypto Mining Farm in Russia. According to the announcement, the facility has “an energy capacity of 20 mW, which is equipped with more than 3,000 machines for mining, [and] is built on the territory of the industrial park ‘Levoberezhny’ in Kirishi. The total investment in the creation of the center amounted to 500 million rubles [~US$7.3 million].”

Deputy Governor of the Leningrad Region, Dmitry Yalov, said at the opening of the crypto mining center:

"Favorable conditions have been created on the territory of the Leningrad Region for the creation of mining farms. There is enough capacity in the region, so electricity prices are relatively low. This is among the undeniable advantages of the region, along with the availability of engineering sites and qualified personnel."

The farm is built by a company called Cryptouniverse on the site of the former Soviet fertilizer-producing laboratory, which stood unoccupied for 20 years, according to the Japan Times. The company explained that “The first buildings of the center put into operation occupy an area of 4,000 square meters and contain more than 3,000 pieces of equipment for the production of bitcoins and litecoins. Any private investors can place their equipment on the territory of the mining center or rent its computing power.”

Alexei Korolyov, the center’s co-founder, was quoted by the news outlet saying that “this is the largest and so far the only farm in Russia that offers the ‘full cycle’ — not just producing cryptocurrency but also offering services to those who do the mining.”