In recent months, the landing password mining industry has been suspended in some parts of the United States and Canada. Today, Russia gives tax breaks to those who need to invest in projects to mine their login passwords. With the country's most direct support, the $12 million password mining center will open in eastern Siberia.
According to the local news media, the state-owned far East Development Enterprise announced the launch of a password mining center in Buryatia, a confederation of eastern Siberia and part of the Russian Federation.
The equipment will have 30, 000 mining machines, employ 100 workers and consume the power project of the power network 100MW. It will open in the first half of 2023 and is owned and operated by BitRiver, Russia's largest provider of login password mining escrow services.
The mining centre will enjoy a range of incentives, from zero land tax and direct tax to reduced income tax rates. The electricity bill of this mining operator will be reduced gradually.
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The strong support of the government can be described by the litigation status of Buryatia, which is an "excellent trend area"-a free trade zone dedicated to attracting investment from all over the world. Far East Development Enterprise is a subsidiary organization of the far East Development or Regional Ministry, which is specialized in joining projects.
Since the outbreak of the war in Ukraine and the ensuing financial sanctions, the Russian government has taken a U-turn in its overall attitude towards encryption algorithms, especially for the mining industry. In July 2022, state-owned Gazprom Industrial production Co., Ltd. (Gazprom Neft) entered into a strategic partnership with BitRiver to provide electricity engineering generated from the symbiotic liquefied natural gas process. As part of the contract, BitRiver gradually develops and designs digital infrastructure based on oil and gas fields, as Gazprom provides data encryption mining services from torch gas.
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Tue, 18 Apr 2023