{"id":549753,"date":"2023-02-09T13:11:57","date_gmt":"2023-02-09T10:11:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/russian-government-subsidizes-crypto-mining-facility-in-siberia\/"},"modified":"2023-02-09T13:11:57","modified_gmt":"2023-02-09T10:11:57","slug":"russian-government-subsidizes-crypto-mining-facility-in-siberia","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/russian-government-subsidizes-crypto-mining-facility-in-siberia\/","title":{"rendered":"# Russian government subsidizes crypto mining facility in Siberia"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a29249e06afa\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a29249e06afa\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/russian-government-subsidizes-crypto-mining-facility-in-siberia\/#%E2%80%9D_Russian_government_subsidizes_crypto_mining_facility_in_Siberia_%E2%80%9C\" >&#8221; Russian government subsidizes crypto mining facility in Siberia &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Russian_government_subsidizes_crypto_mining_facility_in_Siberia_%E2%80%9C\"><\/span>&#8221; Russian government subsidizes crypto mining facility in Siberia &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNWZlM2MzZmUtYTgyNi00ZGY3LTg1NWUtMjY4NzczNzlhOTU1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>The crypto mining industry has faced moratoriums in some parts of the United States and Canada  in recent months. Now, Russia provides tax incentives for those who want to invest in crypto mining. With the government\u2019s direct support, the new $12 million crypto mining center will open in east Siberia.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.rbc.ru\/crypto\/news\/63e357699a794789f0cd1caa\">According<\/a> to local <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>, the state-owned Corporation for the Development of the Far East announced the launch of the crypto mining center in Buryatia \u2014 a republic in east Siberia and part of the Russian Federation. <\/p>\n<p>The facility will possess 30,000 mining machines, hire 100 workers and consume 100 megawatts from the power grid. It will open in the first half of 2023 and be owned and run by BitRiver, Russia\u2019s\u00a0largest crypto mining colocation services supplier.<\/p>\n<p>The mining center will enjoy a broad set of incentives, from zero land and property taxes to a lowered income tax rate. The electricity prices will be cut by half for the mining operator. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Russia\u2019s Gazprombank recommends slow CBDC rollout fearing loss of income<\/em><\/strong><\/p>\n<p>The government support can be explained by the legal status of Buryatia, which is a \u201cterritory of advanced development\u201d \u2014 a special economic zone incentivized to attract national and foreign investments. The Corporation for the Development of the Far East is a subsidiary of the Ministry of the Development of the Far East and Arctics and specializes in supporting investment projects. <\/p>\n<p>Since the outbreak of the war in Ukraine and the financial sanctions that followed it, the Russian government has reversed its anti-crypto position, particularly on mining. In July 2022, a state-owned gas giant Gazprom Neft entered into a partnership with BitRiver to provide it with electricity generated from petroleum gas. As part of the collaboration, BitRiver started developing a digital infrastructure based on the oil fields in that Gazprom provides crypto mining services from flare gas.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/russian-government-subsidies-crypto-mining-facility-in-siberia\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Russian government subsidizes crypto mining facility in Siberia &#8220; The crypto mining industry has faced moratoriums in some parts of the United States and Canada in recent months. Now, Russia provides tax incentives for those who want to invest in crypto mining. With the government\u2019s direct support, the new $12 million crypto mining center&#8230;<\/p>\n","protected":false},"author":1,"featured_media":549754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/5fe3c3fe-a826-4df7-855e-26877379a955.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74989,75042,78423,74355,117,70934,4975],"class_list":["post-549753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-mining","tag-mining","tag-mining-pools","tag-adoption","tag-business","tag-regulation","tag-russia"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=549753"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549753\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/549754"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=549753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=549753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=549753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}