Russia has to increase its share in the world mining capacity to 20% from the current 2%, the vice-president of the Russian State Investment Corporation, Vnesheconombank, believes.

According to Gleb Yun, senior vice-president of VEB, Russia has all the necessary operating conditions for mining. The country has sources of cheap electricity such as a wide list of nuclear and hydroelectric power stations.

“We have redundant electricity power, so Russia is simply in need of mining. We could export electricity in the form of mining computations. And this is a high redistribution, not raw materials. It is better to use it for mining energy-surplus regions like Siberia, the Kola Peninsula, Karelia, and other regions where there are either hydroelectric power plants or nuclear power plants (these are the cheapest generators of electricity).”

Earlier VEB representatives claimed to be considering constructing large data centers for developing the blockchain technology.

Russian Deputy Prime Minister Igor Shuvalov also told RBC that the Russian government had discussed the possibility of constructing big mining centers near powerful power plants.

“But for now it is only a discussion, there are no concrete projects yet. The attempt to develop state-controlled cryptocurrency mining for some reason seems to be the most realistic in the overall digital fever of recent times. Maybe because the mining is in some way the specialization of Russia?”

Currently the majority of mining computation power is concentrated in China.