In the next few months, engines at Rusal Facility in Kareli, a province in North Russia, will roar back to life, but the firm wonâ€™t return to its old ways of working on metal. Russia Mining Company has set out to repurpose the plant to become a mega Bitcoin mining farm focused to mining 20% of the worldâ€™s BTC.
Per a local Russian news outlet, Dmitry Marinichev RMC CEO, who doubles up as Russiaâ€™s internet ombudsman, wants to use the power in the plant to mine Bitcoin. However, his ambitious plan also involves employing former plant employees.
“The idea here is to repurpose the plant into a Bitcoin mining facility and sell its computing power to firms after mining crypto.” Dmitry Marinichev RMC CEO.
Although the new mega-mining facility set to go up is a new venture for Marinichev, heâ€™s conversant in developments taking place in the crypto sector. In 2017 he steered his firm RMC through the murky waters of the crypto sector, held an ICO, and walked out with more than $43 million. At that time, RMC ICO was the biggest ever ICO to raise such an amount.
Besides that, as Russiaâ€™s internet ombudsman, Dmitry Marinichev has been at the forefront of banning Telegram in Russia. He fronted the idea of blocking all IP addresses associated with Telegram in Russia. Despite blocking the IP addresses, Telegram continued working on its token but had to delay the launch after running into some challenges.
While the price of Bitcoin has been unsteady for some time now, investorâ€™s interest in crypto mining has risen, leading to several firms setting out to set up mega mining farms. Itâ€™s just recently that Bitmain informed the public about its plans to establish a mega-mining facility in the US. Besides that, other investors have teamed up to inject $50 million into the development of another mega crypto mining facility.
Apart from being among the biggest crypto mining farms, the new facility will also generate revenue in millions. Per reports online, once the facility is up and running, it will generate revenue amounting to $100 per year.