Russia may soon build a city in Siberia just to mine cryptocurrency. The idea is to provide a new source of income for people and the state, and in the future create a rival to Silicon Valley.
The city should be located in Siberia or the Far East, not far from a large hydroelectric power station, according to Russian State Duma member Boris Chernyshov.
Cryptocurrency mining has become popular in Siberia due to the region’s low energy costs. The process requires computing power and lots of electricity. Irkutsk has become a hub for cryptocurrency mining because electricity is very cheap, about five times less expensive than in Moscow.
“A mining city will help people make money, buy apartments and other things they need. It will replenish the state budget at the expense of taxes. If we build such a settlement near the border, for example, with China, this will immediately cause great interest, there will be flows of business tourists. Such a place will become a business hub, bringing investment from abroad. This is a driver, a point of growth,” said the deputy.