BiXBiT achieves Irkutsk local administration support implementing a crypto mining project with smart heat utilization
The governance of the Irkutsk region represented by the Investment Development Agency has entered into a tripartite agreement with the companies Cyberian Mine (Germany) and BiXBiT (Belarus). Under the terms of the agreement, it is planned to use mining equipment on immersion cooling and convert the heat generated by it for heating residential buildings in the region, farms and greenhouses.
Irkutsk was chosen for the project as the unofficial “capital of Russian mining" and the region with one of the lowest electricity rates in the Russian Federation ($0.03 per kWh). The government supports startups that create new jobs and pay taxes to the local budget. This was confirmed by the general director of the IPA of the Irkutsk region, Yana Shevchenko.
(From left to right) Y. Shevchenko, I. Lozyuk, M. Matrenitsky
She added that there are many data processing centers (DPCs) in the region for mining, so heating with the help of energy emitted during the process is a reasonable project. The administration of the Irkutsk region has rated the development of BiXBiT very positively and ordered other developments from the company.
Initially, Cyberian Mine was engaged in the placement of mining farms in the Irkutsk region and the provision of host services. The company combined cheap electricity with a low ambient temperature and minimal operating costs, as well as its own prices for the mining equipment supplied directly from Bitmain. This allowed us to provide an excellent level of profitability for everyone who wants to engage in mining as a hobby with passive income or a full-fledged business.
When choosing equipment, CM always follows the European standards of hosting services that they provide. Therefore, mining equipment is supplied fully loaded and with a guarantee provided by the manufacturer. Customers can also get a hot swap through the RMA service in case of ASIC failure. At the same time, Cyberian Mine has always been looking for alternative ways of extending the equipment lifespan, accelerating its payback and overclocking for maximizing profits. Unfortunately, using conventional air cooling, this was not always possible. The introduction of BiXBiT has changed the CM strategy.
To strengthen his position in the region and become an innovative company, Cyberian Mine CEO M. Matrenitsky went to Irkutsk to sign a tripartite agreement with the Investment Development Agency and BiXBiT from Belarus represented by I. Lozyuk, CEO.
According to the parties, BiXBiT was chosen for several reasons after a thorough analysis and verification of competitors:
leader in the development of immersion cooling systems of any complexity;
experience in implementing similar projects;
high reliability and fault-tolerant installation architecture;
positive feedback from the EU, USA and Canada partners;
reasonable price of installations;
high return on investment (ROI) for investors and stable operation of an overclocked equipment;
environmentally friendly solution.
Currently, Cyberian Mine has a total capacity of 6 MW to host ASICs in Irkutsk. If successfully integrated with one of the local partners, they will increase to 7 MW. In addition, it is planned to launch individual capacities at 10 MW over the next 4-6 months.
Cyberian Mine CEO Max Matrenitsky and BiXBiT CEO Igor Lozyuk. Also in attendance were Thomas Keller from F2Pool, Mervyn Maistry, Cyberian Mine board member and the CEO of Konfidio and Shauai Ma, regional sales for Canaan
It is BiXBiT that is the main proponent of “dual-use” systems, in which mining and the side savings achieved by reusing the generated heat are embodied in one installation. This opens up the most daring opportunities for buyers and investors.