February 22, 2024

A Russian startup will turn an aluminum plant into a mining farm

A Russian startup will turn an aluminum plant into a mining farm

The Russian mining company (RMC) acquired the building of the former Nadvoitsky aluminum smelter “Rusal” Vnorthern part of Karelia, which ceased its activities due to US sanctions.

RMC plans to turn the aluminum plant into a huge mining farm, which will control 20 percent of the total bitcoin production.

The mining company has joined forces withby Cryptonex – trading platform registered in the UK – to convert a former factory into a bitcoin mining farm. According to a statement from RMC representatives, the BitcoinRussia decentralized mining center will be launched by the end of this year.

Office of Foreign Assets ControlThe United States (OFAC) imposed sanctions on the aluminum smelter “Rusal” in April 2018, because its owner was Oleg Deripaska, who is characterized by the American government as a “Kremlin henchman.” Although the US embargo on Rusal has since been lifted, aluminum production at the plant has not continued because the company has lost all its foreign customers.

According to the management of RMC, the farm will use the cheap electricity available for the plant in its interests and will sell its computing power to other crypto miners.

Based on materialsbtcmanager.com