Regional authorities in Moscow have announced intentions to attract European mining companies and investors, Bitcoin News reported.
Russian company Bitferry plans to set up one of the largest mining facilities in Europe and is now offering a token to finance the project.
“The regional infrastructure is well developed. Miners can either buy electric power from the public network, or install their own gas-turbine generators”, added Igor Kohaniy, chairman of the Moscow’s Construction and Energy Commission.
Vladimir Zhuk, deputy head of the city’s Economy and Investment Committee stated that attracting crypto-tourists is a smart policy and suggested that authorities should advertise what the region has to offer.
“We have Russian miners operating here and they can confirm – this is a good place to run a business like that”, Zhuk added.
Bitferry launched its first mining operations in May 2017 with two farms in the Moscow area. They claim Russia’s severe weather conditions actually benefit mining, allowing for energy-efficient cooling solutions. A price of less than 5 cents per kWh of electricity should also keep the costs down.