Russia’s Republic of Tatarstan is set to build the country’s largest crypto mining data center, boasting 3 EH/s in hashrate, according to Deputy Prime Minister Roman Shaykhutdinov.
Shaykhutdinov announced the plan at a Kazan crypto conference on Thursday, as reported by RBC Tatarstan. The data center will be located in Innopolis, a tech innovation hub operating as a Special Economic Zone (SEZ).
The nation-state mining project, estimated to cost $100 million, will be managed by a company called Innopolis Tech, Shaykhutdinov stated.
In conjunction with this development, a working group has been formed in Tatarstan to develop a regional operator for mining, Shaykhutdinov added.
During the conference, Deputy Minister of Digital Development, Communications, and Mass Media, Alexander Shoytov, mentioned that although mining is not yet regulated, a federal law is currently in the works.
Innopolis Tech, founded by former Minister of Communications and Mass Media Nikita Nikoforov, has already begun constructing a 65 MW combined cycle power plant in Innopolis, according to an interview with Nikoforov published in Biznes Online, a Kazan business news outlet, in February 2024.
“By mid-2024, we plan to commission equipment with a capacity of at least 3 EH/s,” Nikoforov said at the time.
In December 2023, Innopolis Tech also acquired the Tutaev combined cycle power plant in the Yaroslavl region for $15.5 million.