Flash Cryptocurrency Initiative Step From The Russian Government – Here Are The Details

The Russian government has announced plans to build new mining data centers across the BRICS countries in collaboration with the country’s largest cryptocurrency mining operator BitRiver.

Announced at the BRICS Business Forum in Moscow on October 18, the initiative involves Russia’s sovereign wealth fund, the Russian Direct Investment Fund (RDIF), and aims to increase Russia’s share of global computing power, particularly in artificial intelligence (AI) technology.

BitRiver, which already operates 21 data centers across Russia and is currently building 10 more, will partner with RDIF to expand its footprint to the BRICS countries (Brazil, Russia, India, China, and South Africa). The project aims to create an infrastructure base for AI development, with plans to build energy-intensive data centers capable of supporting large-scale computing projects.

“Together with the Russian Direct Investment Fund, we will focus on creating a mining infrastructure base, building data centers and connecting them with the necessary capacities to enable the deployment and implementation of AI-related projects,” said Igor Runets, CEO of BitRiver.

Established by the Russian government in 2011, RDIF has previously co-invested in numerous projects worth over 2.2 trillion rubles across various sectors. RDIF CEO Kirill Dmitriev said developing computing power for AI is a top priority for Russia and its BRICS partners. Dmitriev added that the current global shortage of energy-intensive data centers presents a strategic opportunity for Russia to leverage its experience and expertise.

*This is not investment advice.