Crypto industry experts have formed a working group to draft a standard for energy-efficient and profitable cryptocurrency mining in Russia. The rules are designed to help developers and data center operators offer investors longer hardware availability.
Russia is preparing to improve the efficiency of mining facilities in 2023
A group of crypto specialists have come together to create a standard that aims to improve the overall efficiency of mining and specifically the energy consumption to mint digital currencies. The policy and procedures are designed to extend the time that expensive computing equipment is operating under optimal load, which should result in increased profitability.
The standard, which is expected to be released for adoption in February next year, is being prepared by members of the Russian Association for Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), the cryptocurrency sector and other related industries, the Russian crypto news agency Bits.media reported them Week.
The decision to create the working group was announced at a crypto summit in Moscow during a presentation on the subject given by representatives from Racib, operator of mining data center Vekus Mining Development, and Yuri Kudryashov, director of the Russian Research Institute for Sustainable Development in construction, was held .
The main purpose of the forum was to talk about the development of the digital environment and digital financial assets in general. Participants discussed the upcoming legalization of mining in Russia and other activities related to blockchain and cryptocurrencies, the launch of central bank digital currencies and the spread of tokenization. The summit also focused on education and security issues.
New standard aims to reduce downtime at crypto mining farms
Yuri Kudryashov is convinced that a scientific approach using computer modeling of temperatures and speeds should help to improve the quality of engineering solutions for mining modules. It should also enable ventilation systems to be properly calibrated, taking into account indicators such as humidity, season, region and the particular location where a crypto-mining unit is installed, the official said.
According to Vera Burtseva, Strategic Marketing Director at Vekus Group, the efficiency standard the working group is expected to develop will reduce mining hardware shutdowns and downtime due to extreme weather conditions, and lower maintenance costs while increasing equipment uptime and lifespan.
The new standard will be included in the national system “Green Zoom” for sustainable development in the Russian construction sector. Something similar has already been applied in housing construction, in the tourism industry and in the construction of traditional data centers.
Cryptocurrency mining, an expanding industry in energy-rich regions of the Russian Federation, has yet to be regulated at the federal level. Lawmakers in the State Duma, the lower house of parliament, are expected to consider comprehensive legislation in the coming months. Earlier this year, the advantages of Russia as a mining target were highlighted by President Vladimir Putin, but sanctions imposed over Moscow’s decision to attack Ukraine later hurt the deal.
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