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Crypto industry experts have formed a working group to draft a standard for energy-efficient and profitable cryptocurrency mining in Russia. The rules aim to help developers and data center operators offer investors increased hardware uptime.
A group of crypto specialists have joined forces to draft a standard that will improve the overall efficiency of mining and specifically the use of energy to mint digital currencies. The set of rules and procedures will be designed to increase the time the expensive computing equipment operates under optimal load, which should result in higher profitability.
The standard, expected to be released for adoption in February next year, will be drafted by members of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), the cryptocurrency sector and other related industries, Russian crypto news outlet Bits.media reported this week.
The decision to establish the working group was announced at a crypto summit 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.
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 pending legalization of mining in Russia and other activities related to blockchain and cryptocurrencies, the introduction of central bank digital currencies and the spread of tokenization. The summit also focused on education and security issues.
A scientific approach, with computer modeling of temperatures and speeds, should help improve the quality of technical solutions for mining modules, Yuri Kudryashov is convinced. It should also allow proper calibration of ventilation systems, taking into account indicators such as humidity, season, region and the particular location where a cryptomining unit is installed, the official elaborated.
According to Vera Burtseva, strategic marketing director at Vekus Group, the efficiency standard the working group is tasked with developing will reduce mining hardware shutdowns and downtime due to extreme weather conditions, and reduce maintenance costs while increasing the equipment’s operating time and lifespan.
The new standard will be incorporated into the national “Green Zoom” system for sustainable development in Russia’s construction sector. The same has already been used in housing construction, the tourism industry and the construction of traditional data processing centers.
Cryptocurrency mining, a growing industry in energy-rich regions of Russia, is not yet regulated at the federal level. Lawmakers in the state Duma, the lower house of parliament, are expected to review extensive legislation in the coming 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 later hurt the business.
Do you think Russia will implement a crypto mining efficiency standard next year? Share your thoughts on the topic in the comments section below.
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