After getting hit with US sanctions, an aluminum plant in Russia gives it’s land to a crypto mining firm – Cryptocurrency News

US sanctions have forced an aluminum plant in Russia to give up it's land to a cryptocurrency mining company. Nadvoitsy Aluminum Plant, after losing access to customers in the USA closed down the production and leased the place to the cryptocurrency mining firm, the Russian Mining Company (RMC)

Russian aluminum plant Nadvoitsy Aluminum, owned by Russian metal giant Rusal facing US sanctions, had close down its production last year. Now the company has given its land to the cryptocurrency mining firm, Russian Mining Company (RMC).

According to the Moscow Times report, Nadvoitsy Aluminum gave part of the production site to RMC, which plans to ramp up bitcoin mining across Russia. Dmitry Marinichev, Russia’s internet ombudsman and RMC founder, said, “Now the plant is unprofitable for Rusal, the electricity supplied to it is barely utilized, and people living in the single-industry town near the plant have nowhere to work.”

According to the RBC report, the aluminum plant had become unprofitable, and the electricity supplied there was not being used, and it also affected the local employment. RMC plans to turn the plant into a specialized data center and sell its computing power as a service. Dmitry Marinichev established RM back in 2017.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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