Russian bitcoin mining facility

The first venue for bitcoin mining powered by electricity transformed from associated gas has recently been opened in Siberia. Such cooperation is beneficial both for miners, as they consume a lot of electricity, and for oil companies, which need to get rid of associated gas. Normally, the gas that gets freed during the oil drilling is a liability for oil companies, as they have to burn it into the atmosphere. Electricity generation is one of the ways to utilise the gas instead of wasting it. At the same time, one of the greatest costs in cryptocurrency mining is for electricity needed to power mining rigs.

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Content:

• Why Russia Is Benefiting From The Great Chinese Bitcoin Miner Migration
• Kosovo bans cryptocurrency mining to save electricity
• UK police thought they were raiding a marijuana farm. They found an illegally powered Bitcoin mine
• Bitcoin mining centres shut in Kazakhstan as authorities blame crypto miners for outages
• Video Cards, Crypto Mining Facility Demand Soars in Russia
• Russia looks to tap demand for power as crypto miners flood out of China
• Bitcoin mining: Is Scandinavia's cryptoboom coming to an end?
• World's largest hosting provider for green cryptocurrency mining
• Why Russia is Unlikely to Ban Crypto
• Bitcoin down 4.66% to $44,300 on the back of protests in Kazakhstan — Coindesk

WATCH RELATED VIDEO: Video Cards Crypto Mining Facility Demand Soars in Russia

Why Russia Is Benefiting From The Great Chinese Bitcoin Miner Migration

Are you a techie who knows how to write? Then join our Team! English native speakers welcome! German-English-Translator - Details here English native speakers preferred. But when your government work involves being a nuclear scientist in Russia, this would be a foolhardy option. It appears several workers at a Russian nuclear facility in the closed town of Sarov decided it would be a worthwhile scheme to put their supercomputer 1 petaflop capacity to better use than silly old nuclear station stuff.

But to mine Bitcoin, the device needed to have an active connection to the Internet. Naturally, a supercomputer at a top secret Russian nuclear facility would have a mountain of safeguards in place to protect against tinkering, including barring attempts at being connected to the WWW.

The careless scientists were soon apprehended by Russian officials and will face criminal charges. Russian nuclear scientists in Bitcoin mining arrests Sarov is where the terrifying Tsar Bomba hydrogen bomb was made. Source: Gizmodo Russia's Federal Security Service FSB has detained a group of scientists who attempted to use a supercomputer at a top secret nuclear facility to mine Bitcoin.

Security was alerted when the would-be miners tried to connect the computer to the Internet. Business Cyberlaw Fail Security. Working For Notebookcheck. SlashGear BBC. Related Articles. Fujitsu and Microsoft partner to br My interest in technology began after I was presented with an Atari XL home computer in the mids. I especially enjoy writing about technological advances, compelling rumors, and intriguing tech-related leaks. I have a degree in International Relations and Strategic Studies and count my family, reading, writing, and travel as the main passions of my life.

I have been with Notebookcheck since Please share our article, every link counts! Daniel R Deakin, Update:

Kosovo bans cryptocurrency mining to save electricity

One former fertilizer lab in Russia is being reopened as a cryptocurrency farm. Finding a new purpose for defunct buildings is always a challenge. Russia is not too open-minded when it comes to Bitcoin and other cryptocurrencies. Known as Kriptoyunivers , this venture is trying to do something different.

UK police thought they were raiding a marijuana farm. They found an illegally powered Bitcoin mine

Authorities in Russia and Ukraine recently shut down a number of illegal cryptocurrency mining facilities allegedly powered by stolen electricity. Underground farms have been discovered around the capitals of Kiev and Moscow, as well as in the Russian Republic of Dagestan. Russian customs and law enforcement agencies recently discovered that large amounts of electricity were stolen from a grid operated by Rosseti in Moscow Oblast, an area next to the Russian capital. The officer stated:. The authorities have already accepted the criminal case and intend to prosecute the owner of the mining facility. Two other crypto mining farms were also inspected in Dagestan, a Russian republic in the North Caucasus. At the end of November, the Komsomolskaya Pravda newspaper reported that a large mining operation had been discovered in a mountain area.

Bitcoin mining centres shut in Kazakhstan as authorities blame crypto miners for outages

A Russian company operating in the far reaches of Siberia is looking to reap the rewards of a cheap hydro-energy supply and a surging cryptocurrency market. The vast data centre is operated by Bitriver which provides internet connection, power and maintenance services to an international network of clients looking to mine Bitcoin - a process that requires huge amounts of computational power. Bitcoin has been widely criticised for its environmentally-damaging practices, requiring huge amounts of electricity to power mining computers, or rigs. Responding to these criticisms, Igor Runets, the general director of Bitriver, pointed out that the location is a strategic asset to his business.

Video Cards, Crypto Mining Facility Demand Soars in Russia

Located in the industrial park Levoberezhnyi at Kyryshy, a town in the the Leningrad St. Petersburg region, the facility occupies 4, sq. The facility has currently a capacity of 20 megawatts, with a potential to expand it to 60 megawatts, the company claims. The Vice-Governor of the Leningrad St. Petersburg region, Dmitry Yalov, participated in the opening ceremony in late August.

Russia looks to tap demand for power as crypto miners flood out of China

Flaring leads to the release of a significant amount of greenhouse gas into the atmosphere, but from an industrial perspective to do anything else makes no commercial sense. The advent of cryptocurrency mining may change things however. We gladly responded to the proposal of Gazprom Neft to organize a pilot project at one of the fields. The test occurred at a drilling site in Khanty-Mansiysk where Gazprom Neft also has its own electricity-generating plant. Furthermore, Gazprom Neft is not alone. Rather it will offer services to crypto mining customers, following a business model similar to that of Gazprom Neft and Rosatom.

Bitcoin mining: Is Scandinavia's cryptoboom coming to an end?

The global computing power of the bitcoin network has dropped sharply as the shutdown this week of Kazakhstan's internet during a deadly uprising hit the country's fast-growing cryptocurrency mining industry. Kazakhstan became last year the world's second-largest centre for bitcoin mining after the United States, according to the Cambridge Centre for Alternative Finance , after major hub China clamped down on crypto mining activity. Russia sent paratroopers into Kazakhstan on Thursday to help put down the countrywide uprising after violence spread across the tightly controlled former Soviet state. Police said they had killed dozens of rioters in the main city Almaty, while state television said 13 members of the security forces had died.

World's largest hosting provider for green cryptocurrency mining

RELATED VIDEO: Inside the Largest Bitcoin Mine in The U.S. - WIRED

Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Sign in. Accessibility help Skip to navigation Skip to content Skip to footer. Become an FT subscriber to read: Bitcoin mining nears record pace as industry shrugs off China clampdown Leverage our market expertise Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities.

Why Russia is Unlikely to Ban Crypto

MOSCOW, March 9 Reuters - Four thousand kilometres from Moscow near the shores of the Angara River, a Russian firm operating a vast data centre run on cheap local hydroelectric power is reaping the rewards of bitcoin's surging prices and plans to double its power output this year. BitRiver hosts equipment at its flagship megawatt data centre in the city of Bratsk, along with other smaller sites, for foreign miners of the cryptocurrency from the United States, Europe and Japan who want to harness the region's cheap energy. Bitcoin is earned -- or 'mined' -- by using your computer to help process the uncrackable "blockchains" or digital transaction records that underpin the currency. This requires huge computing capacity, and a lot of electricity, and so is mostly done with huge machines in aircraft hangar-sized warehouses in the cooler climates of Iceland, Canada, northern China and Russia, where it costs less to disperse the heat generated. The rewards for those who can verify transactions in the process which produces bitcoins have never been greater. In , we plan to reach megawatts of power. Another megawatt centre is already under construction in the neighbouring Buryatiya region, Runets said.

Bitcoin down 4.66% to $44,300 on the back of protests in Kazakhstan — Coindesk

Lake Kapchagay, an artificial lake in southern Kazakhstan, is a popular destination for local tourists. In addition to a large dam, this small town is now home to an energy-intensive bitcoin mining farm. The promise of saving on energy costs is attracting more and more cryptocurrency mining companies, whose energy-intensive activities leave a large carbon footprint. French companies like BigBlock Datacenter, which failed to sustain its business in Ukraine due to political instability and rising electricity costs, are now betting on Kazakhstan.