Russia opens the country’s largest bitcoin farm

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The Russian company Kriptoyunivers opened the country’s biggest cryptocurrency mining farm in a former Soviet fertilizer lab on Monday, according to the South China Morning Post.

“This is the largest and so far only farm in Russia to offer the complete cycle of cryptocurrencies – not just the creation of crypto-currency, but also services for mining companies,” said Alexei Korolyov, co-founder of the Kriptoyunivers Center.

The generation of cryptocurrencies, which are traded independently of central banks on the Internet, is energy-intensive. The North Russian facility manufactures bitcoins and litecoins – one of the many competitors that thrived on the success of the blockchain-created currencies.

The Bitcoin farm stretches over 4,000 square meters in Kirishi, a city about 180 kilometers southeast of Saint Petersburg. It was built on the site of the former laboratory, which was not occupied for 20 years, for about 500 million rubles (about 6.5 million euros).

image by shutterstock

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