An island in Russia’s Far East may become a cryptocurrency mining hub. Russky Island, which translates as “Russian Island,” is located in Vladivostok, a region with tremendous energy capacity. Genesis Engineering, a cryptocurrency-focused company from Hong Kong, intends to build a mining farm and an artificial intelligence (AI) laboratory on the island.
The Genesis Engineering delegation has held talks with representatives from the Far East Development Corporation, the Far Eastern Energy Management Company, and Far Eastern Federal University (FEFU).
The Ministry for Development of the Russian Far East stated that the Hong Kong-based company was attracted to the island’s uninhabited lands and its energy facilities. After a pilot, Genesis Engineering plans to build production and mining facilities on 300,000 m2.
“We see our presence as residents of this territory,” John Riggins of Genesis Engineering said, adding that preferential tax rates and customs duties are also among the advantages.
Riggins said his company was ready to assist FEFU in its educational projects and organize international conferences, hackathons, and training programs, among other initiatives. Genesis Engineering representatives can act as speakers or teachers.
“We propose to create at the FEFU a showroom and a museum of cryptocurrencies and blockchain. It will show how these technologies have developed to this day. We can also create a demo on real-time cryptocurrency mining. We are ready to finance this project; moreover - we are ready to pay for the training of the best students, to finance university research in this area and participate in them. Also, we are interested in the creation of an artificial intelligence laboratory at the FEFU. Similar structures we have already created together with the Moscow State University and the National University of Science and Technology,” he added.
Russky Island falls within Vladivostok’s free trade zone, meaning the company may enjoy preferential tax treatment and other benefits. Russia plans to make the city of Vladivostok and surrounding regions an Asian center for trade and transportation.
Valentina Lokhmanova, deputy director for investments at the Far Eastern Energy Management Co, said that a delegation from Hong Kong had already explored the potential territories for the project.
“The island’s territory has the potential for both electric and thermal power, which is enough to provide the consumer with power for the first stage,” Lokhmanova added.
Genesis Engineering was founded this year in Hong Kong by BTC Inc, the parent group of BTC Media, and cloud mining services provider Genesis Mining.
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