A former Soviet fertiliser-producing laboratory has reopened as a cryptocurrency mining unit. The fact that a fertiliser manufacturing lab is being turned into a mining unit comes across as a big game changer for the next potential industrial revolution, the blockchain technology.
Kryptoyunivers Center, a cryptocurrency firm based out of Russia, aims at giving a boost to the cryptocurrency industry in Russia and they hope to do it by launching their own crypto mine. The firm claims that theirs is the first and only project that provides the users with holistic cryptocurrency services.
Alexei Korolyov, co-founder of Kryptoyunivers centre was quoted as saying, “This is the largest and so far the only farm in Russia that offers the ‘full cycle’ — not just producing cryptocurrency but also offering services to those who do the mining.”
Establishment of such a unit calls for a heavy investment as the creation of cryptocurrencies, which are decentralised and not attached to any banks, is energy intensive.
The ambitious venture is spread across 4000 sq metres in Kirishi, lying on the Southeast side of St. Petersburg. The foundation used was laid back in the day when fertiliser was being manufactured in the facility, with the investment of around 500 million rubles ($7.4 million).
Kryptoyunivers Center’s mining unit manufactures Bitcoin, the most popular cryptocurrency along with Litecoin, one of the most promising altcoins.
According to a study conducted by Ernst & Young, Russia stands at the third place after China and the United States when it comes to producing cryptocurrencies for the last three years.
The Russian government is looking forward to regulating the cryptocurrency scenario in the country much like the most of the other countries in the world. Thoughts regarding regulation of virtual currencies are being pondered upon by the Russian officials. A law which would allow manufacture of cryptocurrencies but would forbid crypto-to-fiat conversion is being read in the parliament.