An Association Made To Control Mining Hotels In Russia

An Association Made To Control Mining Hotels In Russia

Russia has focused on developing regulations for mining hotels and data-centers. Preliminary requirements include a space not less than 100 sq meters, 24/7 service and a fire extinguishing system. The Russian Cryptocurrency & Blockchain Association is creating a committee in charge of the legitimate, taxing and technical bases in the mining sphere. In the first 5 months of 2018, the demand for mining hotels has multiplied by six times. And not surprisingly: mining in domestic conditions is becoming costlier and less comfortable: equipment needs oodles of electric power, and in response brings too much noise and heat irradiation.

"The premise should be dry and well-ventilated to prevent the equipment from overheating, with stable, fire-proof power supply system," Igor Zartdinov, CEO of Enigma and co-founder of cryptocurrency fund ICG added.

The average cost of "accommodation" in such a hotel is about 2,550 rubles ($47) per month as supply growth outpaced demand in March. The most mining hotels are placed in Saint Petersburg, the so-called Northern capital of Russia.

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