Russia recently announced plans to build new mining data centers across the BRICS countries in collaboration with BitRiver, the country’s largest cryptocurrency mining operator.
While this decision of Russia has been much talked about, an analyst said that Russia's BRICS Bitcoin (BTC) mining plan could be taken as an example by other countries and imitated.
Russia’s plans to set up Bitcoin mining and AI computing facilities in BRICS countries will spur other countries to take action, said Nico Smid, founder of mining company Digital Mining Solutions.
According to the analyst, Russia's move could encourage other countries to mine Bitcoin using underutilized state energy.
Emphasizing that Russia's mining plan in the BRICS countries will have a positive impact on Bitcoin, the analyst stated that production can continue through old mining equipment in regions where energy costs are lower.
Finally, Smid added that Russia's mining project could enable BRICS countries to conduct global trade with Bitcoin.
What are BRICS Countries?
BRICS was founded in 2006 by Brazil, Russia, India and China as BRIC, and became BRICS in 2010 with the participation of the Republic of South Africa. On January 1, 2024, it signed the largest expansion in its history, and Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) also officially became members of the group.
*This is not investment advice.
