Genesis Engineering to mine cryptocurrency in Russian region with cheap energy

Genesis Engineering, holding based in Hong Kong, is aware of the fact that there are places in the world where energy is cheaper than in China or their region, and explores the possibility to persuade Russian officials to endorse the mining farm they will build in Amur Oblast, the federal subject of Russia in the Far East which borders with China.

Russians are, in their turn, aware of the fact that the Far East is not used as beneficial as it could be, and established a special Far East Development organization which also engages in talks with Genesis Engineering. The pilot mining farm is planned to be built on the Russky (Russian) island, close to China and a special economic area, which means it has foreign investment quotas. Leader of Amur Oblast, Alexander Kozlov, told this project deserves attention and could prove beneficial, but has to be reviewed and risks connected with cryptocurrency must be assessed.

Russian officials are much more open towards mining than cryptocurrency payments. For example, one of them told this year that there is absolutely no reason not to use the power surplus of the Far East in order to mine cryptocurrency.