Tatarstan, a republic within Russia, is poised to establish the country's most significant Bitcoin mining infrastructure, with an estimated investment of approximately $100 million. Reports from local news outlets cite Roman Shaykhutdinov, Tatarstan's deputy prime minister, revealing plans for this ambitious project during a crypto forum in Kazan.

The initiative will be spearheaded by Innopolis Tech, a fintech company under the control of Nikolai Nikiforov, a former Russian minister of communications and press. Although specifics regarding the construction timeline and investor lineup remain undisclosed, Shaykhutdinov disclosed that the projected hashrate of the facility would reach 3 exahashes per second, positioning it as a potential major player in the global crypto mining sector.

Despite these ambitious plans, Russia currently lacks a clear regulatory framework for crypto miners. Lawmakers recently unveiled a revised version of a bill aimed at regulating the crypto mining market, with potential implementation as early as September. However, this effort represents just one among several attempts by Russian authorities to establish regulatory standards for crypto miners.

In a related development, BitRiver, a Bitcoin mining firm subject to OFAC sanctions, announced its intentions to launch the largest data center in Russia focused on artificial intelligence. BitRiver-B, a subsidiary of BitRiver Group, is set to unveil this expansive data center for energy-intensive computations in the latter half of 2024. With an anticipated capacity of 100 megawatts, the facility aims to become a central hub for cutting-edge technological advancements in the region, as indicated by Sergey Bezdelov, director of the Association of Industrial Mining.