Hong Kong Company to Build Mining Farm on Russian Island

A Hong Kong-based cryptocurrency company plans to open cryptocurrency mining farm and AI lab on Russian island
24 November 2017   2262

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.

Iran to Issue Over 1000 Mining Licenses

Amir Hossein Saeedi Naeini from Iranian ICT Guild Organization said that crypto mining industry attracts many in Iran
27 January 2020   171

Over the past six months, the Iranian Ministry of Industry has issued more than 1000 cryptocurrency mining licenses. This was announced by Amir Hossein Saeedi Naeini, representative of the ICT Guild Organization.

According to him, cryptocurrency mining is a new industry that attracts many in Iran. He noted that miners must obtain a license to work.

The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country. Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy.


Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He believes that the cryptocurrency industry can help Iran's economy. However, he explained that the high cost of electricity is a serious problem for cryptocurrency miners.

High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.


Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He expressed the opinion that “the operating conditions in this industry should not be such that only large capitalists enter the cryptocurrency mining market but that all miners can operate.” He emphasized that changing electricity tariffs could stimulate the mining industry to generate more revenue.