Russia to build Bitcoin mining farms in BRICS nations
They assure that they will also work on projects that involve artificial intelligence.
The announcement was made within the framework of the BRICS Business Forum, held last week.
Russia, through the Russian Direct Investment Fund (RDIF) and BitRiver, the country’s largest mining company, plans to build Bitcoin mining farms in the countries of the BRICS block. The announcement was made at the recently held Business Forum of the organization of emerging economies initially Brazil, Russia, Iran, China and South Africa.
The project will not only focus on Bitcoin mining, but also on implementation of artificial intelligence (AI) technologies. Igor Runets, CEO of BitRiver, commented which, together with RDIF, will work “on creating a mining-based infrastructure”, which involves the construction of data centers “and providing the necessary capabilities to make it possible to deploy and implement projects related to AI.”
It is worth highlighting that the BRICS bloc seeks to strengthen economic and political cooperation among its members. Dedollarization is among its most recent efforts.
The RDIF, created by the Russian government in 2011, is a sovereign investment fund whose objective is to attract foreign capital to Russia. It has co-invested in more than 100 projects, totaling more than 2.2 trillion rubles. On the other hand, BitRiver It is notable for its 21 operational data centers in Russia and another 10 facilities under construction, specializing in high-energy computing.
Kirill Dmitriev, CEO of the RDIF, highlighted the importance of expanding data center capacity in BRICS countries. For him, the development of computing power for the introduction of AI “is a priority for Russia and its partners in the bloc,” reports local media RBC.
Bitcoin mining in Russia was recently legalized. President Vladimir Putin signed a law last August that allows this activity, as CriptoNoticias reported. The regulations establish that only Russian legal entities and registered individual entrepreneurs can mine Bitcoin. However, there is an exception for mining operators that do not exceed certain energy consumption limitswho can mine without registering.
The collaboration between RDIF and BitRiver seeks to not only increase Russia’s presence in Bitcoin mining, but also in the global computing power market. Given the growing shortage of space in energy-intensive data centers globally, Russia sees a significant opportunity to lead in this areataking advantage of their experience and resources.
This article was created using artificial intelligence and edited by a human Editor.