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MineSpot set to become the largest mining firm in Russia with its new plans

Photo of: Janeth Diamond
by Janeth Diamond

MineSpot, a company hitherto unknown in the crypto circles has announced that it is opening a 160-megawatt mining premise in Serbia making it one of the largest mining firms there ever was in Russia. 

The location for the new mining premise is stationed near the Boguchany Dam in East Siberia in the town of Kodinsk. The set up of the mining location will take the entire building along with land which had a boiler house serving a damn construction site. The boiler on the land provided heat to the workers who were building the dam. The dam construction was concluded in 2015 but was initiated in the late Soviet era. Today the Boguchany dam stands as one of the most prime and important hydropower plants and projects in Russia. 

As per the information received, the likely clients of the farm would include both Bitcoin and Ether miners. Adam Aushev, who has co-founded MineSpot has said that the new venue for mining will host both SHA-256 application-specific integrated circuits (ASICs) and graphics processing units (GPUs). 

Apart from this, MineSpot is also trying to emulate the best benchmarks set in Russia for mining. It is working on a concept called ‘Mining hotel’ which will host its client’s mining machines and will eventually charge them for electricity and technical support. The novel idea will also allow them to buy ASICs on behalf of their clients. In such a case they will reach out to Bitmain, Innosilicin, or other manufacturers in China, order their requirements,and get the order delivered so that the clients do not have to undergo the detailed and complex process of logistic management all by themselves. 

MineSpot has taken a strategic move by investing in a 160-megawatt power capacity. It is all set to become a tough competitor to the mining farms that are already carving working plans in the other and closeby Siberian cities of Irkutsk and Bratsk. What is more important to note is that these neighboring cities also rely on hydropower for their electricity needs but from a different dam. But MineSpot has left everyone behind by becoming the largest one in terms of size, even surpassing the current leader BitRiver that has put ASICs in more than half of its 130-megawatt farm in Bratsk.

Talking about local logistics, which plays a crucial role, circumstances are far more trying for MnsSpot than its counterparts. Aushev also has admitted that ASICs transport to the site is a huge and complex task. The reason being the road conditions because the stretch leading from  Krasnoyarsk, the nearest large city and transportation hub, to Kodinsk is partially laden with stones which could also damage the machines while in transit. 

“A couple of contracts have already fallen through because of the logistics issues,” Aushev said.

But looking at the situation overall, he is extremely gung-ho and enthusiastic about how the firm’s future will take place. He also added that he plans to get 10 Megawatts of MineSpot’s power capacity to be booked by the end of the year.