The post Russia and BitRiver Expand Crypto Mining in BRICS Nations appeared on BitcoinEthereumNews.com.

Key Points: The Russian government partners with BitRiver to build crypto mining in BRICS nations. BitRiver currently operates 21 data centres in Russia and is constructing 10 more to boost mining capacity. The Russian Direct Investment Fund (RDIF) backs this expansion, highlighting the importance of crypto mining for Russia’s economy. The Russian government and BitRiver, the country’s largest crypto miner, are announcing ambitious expansions to set up crypto mining in BRICS nations. Russia and BitRiver Plan Major Expansion in BRICS Nations According to RBC domestic media, this considerable move cooperates with the country’s sovereign wealth fund, the Russian Direct Investment Fund-RDIF. It is part of Russia’s ambitions to increase its presence in the global cryptocurrency mining space. BitRiver runs 21 data centres in Russia, making it one of the most prominent players in digital currency mining. It is further building an additional 10 centres, showing that it is fully committed to increasing its capacity. BitRiver is eyeing crypto mining in BRICS nations, Russia, India, China, and South Africa, a partnership hoping that such geopolitics and economics will promote new opportunities in developing mining infrastructure. Read more: Russian Crypto Exchanges Now Starting Testing for Launch in 2025 Russian Direct Investment Fund Backs the Expansion Effort The RDIF’s participation indicates that this development is of strategic relevance for Russia, where the government aims to gain a more significant foothold in the cryptocurrency industry by establishing more energy-efficient data centres. Crypto mining is power-consuming, and it is reasonable to conclude that BitRiver plans to exploit the friendly regulatory environments and, more importantly, cheaper energy sources of some of the crypto mining in BRICS nations. Russia and BitRiver have taken a new step toward expanding their data centres in crypto mining in BRICS nations, manifesting their desire to be at the forefront of the…

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Filed under: News - @ October 21, 2024 9:20 am