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The new Bitcoin mining center in Siberia is expected to create up to 100 jobs for the region’s residents

October 27, 2020

The governor of the The Republic of Buryatia, Russia signed a decree that allowed the construction of a 550.37.25 square meter data center in southeast Siberia. The installation is will convert in the home of a number of high-tech activities, including Bitcoin (BTC) mining.

The facility is being built by BitRiver and is expected to create up to 100 jobs for local residents. It will be equipped with the latest generation of ASIC miners and will take about a year to complete. In addition to cryptocurrency mining, the facility is used for big data and the Internet of Things. The necessary investment is estimated at RUB 691 million or USD 9 million. This is being contributed by investors from the US, China and Japan.

Siberia is one of the most attractive places in the world to do bitcoin mining. The abundance of natural resources results in cheap electricity, and the cold climate means that miners don’t have to spend as much energy on cooling. The proximity to China, the leading manufacturer of mining equipment, should also make the supply chain for equipment more efficient.

The new Bitcoin mining center in Siberia is expected to create up to 100 jobs for the region’s residents
The new Bitcoin mining center in Siberia is expected to create up to 100 jobs for the region’s residents

However, These benefits can be offset by the legal uncertainty associated with regulating cryptocurrency mining in the region.