- Russia and BitRiver will establish Bitcoin mining facilities across BRICS countries, including Brazil, India, China, and South Africa.
- The collaboration also aims to develop data centers capable of implementing artificial intelligence technology in these nations.
Russia, through the Russian Direct Investment Fund (RDIF) and BitRiver, has announced plans to build Bitcoin mining facilities across BRICS nations.
The announcement was made during the recent BRICS Business Forum, which includes Brazil, Russia, India, China, and South Africa. The project aims to focus on Bitcoin mining and also plans to integrate AI technology within the mining infrastructure.
Igor Runets, CEO of BitRiver, stated that the partnership with RDIF will aim to develop infrastructure based on mining. This involves building data centers that can support AI projects. Runets mentioned that this development aligns with BRICS’s goal of strengthening economic cooperation among its members.
“Together with RDIF, we will focus on creating a mining-based infrastructure foundation: building data centers and providing them with the necessary capacity to be able to deploy and implement AI-related projects,” said BitRiver owner and CEO Igor Runets.
The RDIF was established by the Russian government in 2011 to attract foreign capital to Russia. It has invested in over 100 projects, totaling more than 2.2 trillion rubles. BitRiver currently operates 21 data centers in Russia and has an additional 10 under construction. The company focuses on energy-intensive computing, making it suitable for both Bitcoin mining and AI.
Kirill Dmitriev, CEO of RDIF, explained the need to expand data center capacity within BRICS nations. He noted that increasing computational power is essential for integrating AI technologies in the region. This approach aims to enhance technological growth among BRICS countries.
In August, Russia legalized Bitcoin mining. The law, signed by President Vladimir Putin, allows registered Russian companies and entrepreneurs to conduct mining activities. However, small-scale operators who stay within specific energy limits can mine without registration. This law intends to create a regulated environment for mining in Russia.
The RDIF and BitRiver collaboration aims to increase Russia’s presence in Bitcoin mining and the global computing market. The shortage of energy-intensive data centers worldwide presents Russia with an opportunity to expand its role in this sector, utilizing its existing expertise and resources within the BRICS framework.
