It has been reported that Aleksey Kolesnik, a Russian businessman, has bought two power stations with plans to facilitate future cryptocurrency mining operations.

Located approximately 1,200 km East of Moskow, in Udmurtia and Perm, the two power plants are to be restored and turned into a cryptocurrency data centre and mining operation. Reportedly paying around $3 million for the power stations, it is unknown whether the plan will go ahead as the future of the project is now determined by the Russian government, who released their outlook on cryptocurrencies last week.

According to local media in Russia, the finance ministry officially created a bill to regulate cryptocurrency trading on exchanges within the country. This news comes after President Vladimir Putin suggested the development of an international currency that would be used by EEU and BRICS members. It is anticipated that the trading of cryptocurrencies will be legal in Russia by July 2018, whilst trading and mining such currencies will be taxed.

So, while China has long been at the front of cryptocurrency mining, it seems that Russia is making it way behind. Experts have also warned that there will likely be an increase in big mining operations within Russia, once more putting stress on the network.