Genesis Engineering is planning to set up a cryptocurrency mining farm and an artificial intelligence laboratory on Russia’s Russky Island which is situated in the Sea of Japan.
Genesis Engineering is a joint project of Btc Inc and Genesis Mining, formed earlier this month. It focuses on development in regions around the world that have excess energy capacity, including the Americas and Eurasia.
The company is interested in the region’s free plots of land and energy facilities, as well as preferential tax and customs duties. It plans to set up around 300 thousand square meters of production facilities, following a pilot project.
The Ministry for Development of Russian Far East statement
The territory also provides the free trade zone, so the tax preferences and the possibility of applying for a free customs zone are available to investors.
Alexander Abramov, director of the Far Eastern Center for Economic Development, upholds the idea of building mining farms in his region. He said that this venture is a step forward to cooperation with big economies.
Among other projects, the company intends to build a cryptocurrency mining farm, a crypto museum, and to develop training programs for students on a Russian island.