One of the first foreign cryptocurrency companies to take advantage of a Russian free trade zone is based in Hong Kong. Among other ventures, the company plans to build a cryptocurrency mining farm, a crypto museum, and provide training on a Russian island.
Mining Farm on a Russian Island
Genesis Engineering is a joint venture between Btc Inc and Genesis Mining, created earlier this month. “The venture will focus on development in regions around the world that have excess energy capacity, including the Americas and Eurasia,” the companies described.A Hong Kong-based company called Genesis Engineering is planning to set up a cryptocurrency mining farm and an artificial intelligence laboratory on Russia’s Russky Island, RT reported on Thursday. The island is located off the coast of the Russian Far Eastcity of Vladivostok.
According to the Ministry for Development of Russian Far East, as reported by RT:
The company is interested in the region’s free plots of land and energy facilities, as well as preferential tax and customs duties. It plans to set up around 300 thousand square meters of production facilities, following a pilot project.
The company also plans to develop training programs. “We propose to create a showroom, a museum of cryptocurrencies and blockchain…We are ready to finance this project,” Genesis Engineering representative John Riggins explained. “Moreover, we are ready to pay for the training of the best students, to participate and to fund university studies in this area.”
In addition, the company is also interested in creating an artificial intelligence laboratory since it has “created similar labs together with the Moscow State University and the National University of Science and Technology MISIS,” the news outlet added…