Experts in the crypto industry have formed a group of experts to create a standard for profitable and energy-efficient cryptocurrency mining in Russia. Developers and operators of data centers will be able to offer increased uptime for investors through the rules.
Russia Plans to Increase Efficiency in Mining Facilities by 2023
An international group of crypto experts has created a standard to improve mining efficiency and, in particular, the energy consumption to create digital currency. This set of procedures and rules will increase the amount of time that expensive data processing equipment can operate under an optimal load, which should lead to higher profitability.
According to Bits.media, members of the Russian Association of Cryptoeconomics and Artificial Intelligence and Blockchain will prepare the standard for publication in February 2019.
The decision to establish the working group was announced at a crypto summit held in Moscow, during a presentation on the topic made by representatives of Racib, mining data center operator Vekus Mining Development and Yuri Kudryashov, director of Russia’s Research Institute for Sustainable Development in Construction.
This forum had the main objective of discussing the development and use of digital financial assets. Participating parties discussed topics such as the legalization of Russian mining and related activities, like the introduction and use of central bank digital currencies and the spreading of tokenization. Security and education were other topics discussed during the summit.
Crypto Mining Farms to be Reliable with a New Standard
Yuri Kudryashov believes that a scientific approach with computer-modelled temperatures and speeds should improve engineering solutions for miners. The official explained that it should allow for proper calibration of ventilation systems taking into consideration indicators like humidity, season and location.
According to Vera Burtseva, strategic marketing director at Vekus Group, the efficiency standard the working group is tasked to develop will reduce shutdowns of mining hardware and downtime due to extreme weather conditions, and decrease maintenance costs while increasing the equipment’s operating time and service life.
The new standard will be incorporated into the ‘Green Zoom’ national system of sustainable development in Russia’s construction sector. Similar principles have been used in the construction of housing, tourism, and building traditional data processing centres.
It is a growing industry that uses cryptocurrency to make money in regions rich in oil and gas. However, federal regulations have not yet been established. The Stated Duma is the lower chamber of the parliament and will likely review the legislation over the next few months. Earlier this year Russia’s advantages as a mining destination were highlighted by President Vladimir Putin but sanctions imposed over Moscow’s decision to attack Ukraine hurt the business later.
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