Crypto-Miners Buy Russian Power Stations

Two electric power stations in Russia were recently sold to a cryptocurrency miner looking to expand his operations – the latest sign that the country’s government-supported push to become a cryptocurrency mining hub has been successful.

The two stations are situated in the Perm Region on the western slopes of the Middle Ural Mountains, and in the neighboring Republic of Udmurtia. The facilities will be used as data centers as well as housing for cryptocurrency mining equipment and a center for cryptocurrency mining. The price paid for the two stations? Roughly 160 million rubles (about $3 million), according to RT.

After initially approaching cryptocurrencies with skepticism, the Russian government last summer signaled that it would instead try to regulate and embrace the markets.

 

Data provided by oilprice.com