Russia to build Bitcoin mining farms in BRICS nations
Russia has announced an ambitious project to build Bitcoin mining farms in the BRICS countries, as part of a collaboration between the Russian Direct Investment Fund (RDIF) and the company BitRiver. This project was presented at the BRICS Business Forum, an organization that brings together the emerging economies of Brazil, Russia, Iran, China, and South Africa, and seeks to promote political and economic cooperation among its members. The initiative, beyond Bitcoin mining, will also boost the development of advanced technologies such as artificial intelligence (AI).
Igor Runets, CEO of BitRiver, explained that the collaboration with the RDIF will not only focus on Bitcoin mining, but also on the creation of infrastructure for high-demand computational projects, such as those related to artificial intelligence. Runets mentioned that data centers will be built that will provide the necessary capacity to deploy these technological initiatives. This highlights the importance of a solid computing infrastructure for the digital future of the BRICS bloc.
It is important to note that the BRICS have shown a growing interest in strengthening their economic cooperation and reducing their dependence on the US dollar, a process known as de-dollarization. This joint effort aims to consolidate the economic influence of the bloc and create a more autonomous network that challenges the financial dominance of Western economies.
The Russian Direct Investment Fund (RDIF), created by the Russian government in 2011, plays a key role in this strategy. The RDIF is a sovereign fund whose purpose is to attract foreign capital to Russia, having co-invested in more than 100 projects with a total value of over 2.2 trillion rubles. For its part, BitRiver is the largest mining company in Russia, with 21 operational data centers in the country and another 10 under construction. BitRiver specializes in high-energy-consumption computing, positioning it as a key player in this type of large-scale project.
Kirill Dmitriev, CEO of the RDIF, highlighted the relevance of expanding the capacity of data centers in the BRICS countries. According to Dmitriev, the development of computing infrastructure and the implementation of artificial intelligence are priorities for both Russia and its partners in the bloc. These efforts are crucial for the BRICS to maintain their competitiveness in the global technological and economic arena.
The project also coincides with the recent legalization of Bitcoin mining in Russia. In August, President Vladimir Putin signed a law regulating this activity, allowing registered companies and individual entrepreneurs to legally mine Bitcoin. However, there are some exceptions: operators who do not exceed certain energy consumption limits can continue their activities without the need for official registration. This legal framework provides a favorable environment for Russia to consolidate its role in cryptocurrency mining, taking advantage of its abundant energy resources and vast experience in the sector.
The collaboration between the RDIF and BitRiver also fits into a broader strategy of Russia to increase its presence in the global data center market. As demand for high-energy-consumption spaces grows worldwide, Russia seeks to position itself as a leader in this field. The shortage of capacity in high-demand data centers presents an opportunity for the country to use its resources and knowledge in this area to offer global solutions.
In summary, this Bitcoin mining and artificial intelligence development project in the BRICS countries highlights the growing importance of technological cooperation among emerging economies. By working together, the bloc members will not only strengthen their economic ties but will also be able to compete in key areas of the digital economy, such as cryptocurrency mining and artificial intelligence. Russia, through the RDIF and BitRiver, is positioning itself to play a leading role in this effort, leveraging its technological capabilities and favorable regulatory framework for cryptocurrency mining. Additionally, this project reinforces the idea that the BRICS bloc is determined to reduce its dependence on the dollar and consolidate its economic autonomy on the global stage.
