A Russian venture has announced a new fund to support high-end crypto mining operations, subject to specific criteria. The venture plans to launch the fund as a mutual fund, allowing investments of 300,000 rubles (around $4,000) or more.
The raised funds will be utilized for various back-end mining processes, including operating costs, machinery, and electricity bills.
The conglomerate, Kommersant, aims to generate almost 500 million rubles to establish a full-fledged crypto mining business.
Although the investment is considered risky due to the lack of support from the Russian Central Bank, if successful, it could potentially ease the Russian government’s current stance towards crypto and lead to crypto regulation in the country.
Russia has shown high interest in crypto mining, primarily due to the country’s cool climate and abundant low-cost energy, making it an ideal location for effective crypto mining.
This mutual fund could channel more investment into cryptocurrency mining and strengthen the global crypto infrastructure.
Source : cryptonews.com