Rusal plant closed due to sanctions will be turned into the world’s largest mining farm

The Russian Mining Company, created with the participation of Dmitry Marinichev, will place equipment for cryptocurrency mining at the Nadvoitsky Aluminum Plant (NAZ) in Karelia. The enterprise belongs to Rusal, it was mothballed in August 2018, as it lost the opportunity to deliver its products to the United States after the imposition of sanctions.

RMC is definitely serious about setting up a digital centre centered at NAZ, that will offer computing power overseas – Marinichev stated. He noted that now the plant for Rusal is unprofitable, the electricity supplied to it, is practically not utilized, and people living in the monotown near the plant have no work.

“The concept is to upgrade the plant as well as offer the computing power like a service, which is, offer an INFORMATION TECHNOLOGY services” explained Marinichev. Mining equipment at the Nadvoitsky Aluminum Plant is also hosted by Cryptouniverce, one informed source said.

Back in 2017, RMC created a mining farm at the Moscow technopolis, located on the territory of the former Moskvich automobile plant, as well as two mining pools: for mining Bitcoin (BitcoinRussia) and ether. BitcoinRussia lasted about three years, but from April-May all the capacities from Moskvich were withdrawn, as their contents became unprofitable. Using NAZ, RMC expects to occupy up to 20% of bitcoin mining in the world.

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According to the basic fact that normally a single block of BTC is actually mined just about every 10 mins 4,320 blocks will be mined per calendar month. The block reward is 12.5 Bitcoin. Based on the current value of bitcoin at 9.4 thousand dollars, the total income from mining can be 507.6 million dollars per month. Thus, 20% will be about 101.5 million dollars.

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