Russia is getting ready to increase the productive capacity of its mining facilities in 2023.
Mining should become more energy efficient as a whole, and in particular, the use of energy to create digital currencies should become more effective as a result of the collaborative efforts of a group of cryptography experts who have come together to develop a standard. A system of rules and procedures will be developed with the intention of extending the amount of time that costly data processing equipment functions under optimal load, which ought to lead to an improvement in profitability.
According to a report that was published this week by a Russian cryptocurrency news outlet called Bits.media, the standard will be developed by members of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), the cryptocurrency sector, and other associated industries. It is anticipated that the standard will be made available for adoption in February of the following year.
During a presentation on the subject made during a crypto summit that was held in Moscow, the decision to establish the working group was announced. The presentation was given by representatives of Racib, Vekus Mining Development, which operates mining data centers, and Yuri Kudryashov, who is the director of Russia's Research Institute for Sustainable Development in Construction.
The development of the digital environment and digital financial assets in general were the primary topics of discussion during the event, which had been organized for that purpose. The participants talked on the impending legalization of mining in Russia as well as other activities associated with blockchain and cryptocurrencies, the introduction of digital currencies issued by central banks, and the proliferation of tokenization. Concerns around education and safety were also front and center during the conference.
A New Standard Is Anticipated to Decrease the Amount of Downtime Experienced by Cryptocurrency Mining Farms
Yuri Kudryashov is confident that a more scientific approach, along with computer modeling of temperatures and speeds, will be able to contribute to an improvement in the quality of technical solutions for mining modules. The official highlighted that it should also enable the correct calibration of ventilation systems by taking into consideration factors such as humidity, season, region, and the specific place where a cryptocurrency mining unit is situated.
According to Vera Burtseva, strategic marketing director at Vekus Group, the efficiency standard that the working group is tasked to develop will reduce shutdowns of mining hardware and downtime due to extreme weather conditions. Additionally, the efficiency standard will reduce maintenance costs while simultaneously increasing the equipment's operating time and service life.
The new standard will be implemented into the national framework of environmentally responsible development known as "Green Zoom" in Russia's building and construction industry. The exact same concept has previously been implemented in the development of traditional data processing centers, as well as in the construction of homes and the tourism business.
The mining of cryptocurrencies is a business that is growing in regions of the Russian Federation that are rich in energy resources, but it has not yet been regulated on the federal level. It is anticipated that legislators in the Stated Duma, which is the lower house of parliament, would study comprehensive legislation over the course of the upcoming months. President Vladimir Putin highlighted earlier this year Russia's advantages as a mining destination, but later in the year, sanctions imposed over Moscow's decision to strike Ukraine harmed the sector.
Tags in this story;
Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, cryptocurrency mining, efficiency, experts, legalization, Miners, mining, mining facilities, mining farms, Profitability, Regulation, Russia, Russian, standard, working group Crypto, crypto miners, crypto mining Cryptocurrencies, Cryptocurrency, cryptocurrency mining
Do you think that Russia will implement a standard for the efficiency of crypto mining in the following