A working group has been formed by crypto industry experts for drafting a standard that will ensure profitable and energy-efficient crypto mining in the Russian Federation.
The purpose of the rules will be to assist data center operators and developers in offering better hardware uptime.
The crypto specialists have chosen to team up in order to develop a standard that can help make crypto mining more energy efficient, particularly for the purpose of minting digital currencies.
The procedures and rules that they develop will be aimed at increasing the time for which the expensive data mining equipment can operate under maximum load and this will help in giving profitability a boost.
It is expected that the standard would be released next year in February for the purpose of adoption.
According to reports, members of the crypto sector, Artificial Intelligence and Blockchain (Racib), the Russian Association of Cryptoeconomics and other associated industries would work together for its development.
A crypto summit had been organized in Moscow where the announcement of the decision for setting up a working group was made.
Representatives of Vekus Mining Development, a mining data center operator, Racib, and the director of the Research Institute for Sustainable Development in Construction in Russia, Yuri Kurdryashov made a presentation on the said topic.
The forum had been organized for talking about digital financial assets as well as the digital environment’s development.
The participants talked about the popularity of tokenization, the development of a central bank digital currency (CBDC), and the pending law related to crypto activities.
Security issues and education were other areas that had also been discussed at the summit. Crypto mining is not yet federally regulated in Russia, even though it is expanding in energy-rich regions.
Comprehensive regulation will be reviewed by lawmakers in the lower house of Parliament, the State Duma, in the next few months.
Yuri Kurdryashov believes that a scientific approach will be helpful in improving the quality of solutions used for mining modules.
This involves the use of computer modeling for speed and temperatures. He stated that ventilator systems can be properly calibrated in this way.
They would be able to factor in indicators, such as region, season, humidity as well as the location where the crypto mining facility is.
The Vekus Group’s strategic marketing director, Vera Burtseva said that the working group will develop an efficiency standard, which can reduce the downtime of mining hardware and its complete shutdown.
This often occurs because of extreme weather conditions. Moreover, he added that it would also help reduce maintenance costs while increasing the service life and operating times of the machine.
Moreover, they would incorporate this new standard into the construction sector of Russia, specifically the sustainable development system called ‘Green Zoom’.
This national system is already applicable in the tourism industry, housing construction as well as the construction of traditional data centers in the Russian Federation.