UPDATE: Genesis Engineering to open mining farm in Russia’s Far East
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VLADIVOSTOK, Nov 22 (PRIME) – Hong-Kong company Genesis Engineering will create a mining farm on the Russky Island in the Far Eastern city of Vladivostok, the Far East Development Ministry said on Wednesday.
John Riggins, head of development for Eurasia at Genesis Engineering, said the company is interested in spare power capacities and land, tax and customs preferences, he said.
After launching a pilot project on the island, the company wants to arrange up to 300,000 square meters of workplace.
Genesis Engineering was set up in Hong Kong in 2017 by the biggest blockchain media group BTC Inc. and the biggest cloud mining services suppliers Genesis Mining.
Alexander Abramov, head of the Far Eastern center of economy development and integration of Russia at Far Eastern Federal University, said the island has all necessary resources for accommodation of a mining farm.
“Russky has all suitable power capacities, conditions, places and sites for the location of such a facility, meaning that resources are present. Only a few people will be needed. The university prepares necessary specialists,” Abramov said.
“As to the sales, it’s the goal of business. We should keep an eye on the market, its growth. The place is potentially ready for a mining farm. According to the Vladivostok development strategy, prepared by the university but not yet adopted, the analysis showed that the financial, transportation and logistical sectors as well as the IT sector will be among the leaders by 2030.”
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