Siberian Glassware firm, Ekran in Novosibirsk has announced their plan to participate in cryptocurrency activity. It?s willing to spend ?11 million (approximately $200000) into its own Bitcoin mining company. This decision was arrived at because there was sufficient space and electricity resources to get the work done.
Pavel Boboshik, the President of the board of directors, Ekran said:
?We are going to build a farm that will be used for mining cryptocurrencies there. Already, we have spent about 11 million rubles on a phase of the project. The mining facility will become operational by year?s end if the board approves the project.?
Boboshik explained that the second floor of the main factory building, which is empty, will be used to house the mining equipment.
Glassware firm to a crypto miner
The Novosibirsk city is home to one of the leading glassware firms in Russia, Ekran. Initially, the company was an electronics manufacturing facility based in the USSR. Around the ?90s, the plant survived after switching to glass production. Some years ago, an industrial park with the same name was established in its premises.
Siberia has direct access to a wealth of energy resources which makes electricity cheaper than other places. Affordable power makes the area a lovely place for mining operations.
Siberia has cheap electricity and favorable weather conditions. The region holds more than two-thirds of Russia?s land territory. Siberia has many features that makes it a trademark for the country, especially regarding climate conditions. Siberia is a cold place, at the same time, it is extraordinarily rich in minerals as well as natural resources. That?s why it provides cheap and abundant energy.
Cryptocurrency mining requires a lot of energy, and it also generates much heat. The powerful application-specific circuits used in in the process of bitcoin transactions, consumes high amount of electricity which obviously need some severe cooling. Cheap power and cold climate are the two factors which increase the effectiveness of mining operations. In this case Siberia is the best choice to go for.
The rates of electricity rates in Novosibirsk sometimes goes down to 3-4 cents per kWh for different consumers in different areas. Like many other cities in Siberia, Novosibirsk has become a desirable destination for virtual currency miners.
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