BlockBeats news, on October 31, Cointelegraph reported that Nico Smid, founder of Digital Mining Solutions, said that Russia plans to build Bitcoin mining and artificial intelligence computing facilities in the BRICS countries, and other countries may follow suit and use underutilized Energy to mine Bitcoin. Russia’s sovereign wealth fund is partnering with Russian data center operator BitRiver to build Bitcoin mining and artificial intelligence computing facilities for BRICS countries. The project could lead to the BRICS countries settling global trade in Bitcoin – an alternative to a basket of local currencies and gold as a currency-backed plan.
The BRICS, a group of major emerging economies, initially consisted of Brazil, Russia, India, China and South Africa but expanded in 2024 to include Egypt, Iran, Saudi Arabia, Argentina, Ethiopia and the United Arab Emirates. Three of the BRICS countries – Argentina, Ethiopia and the United Arab Emirates – are already using state-owned resources to mine Bitcoin. Hashlabs Mining founder Alen Makhmetov said Russia’s Bitcoin mining and artificial intelligence plans may be part of a broader attempt to gain geopolitical advantage. “With limited IT infrastructure in these regions, Russia sees an opportunity to expand its influence.”
Russia will lift its Bitcoin mining ban on November 1, but it will not be without restrictions. It requires all Bitcoin miners to register with the Russian Federation Tax Register and submit a list of machine models and wallet addresses. Makhmetov said, “The lifting of the Bitcoin mining ban is not guaranteed to be smooth sailing. Russia is currently facing rising electricity costs and a depreciating ruble. Russia is no longer a country with abundant, low-cost hydropower – due to excessive demand and the ruble depreciated, electricity became increasingly expensive.”