Russian Government and BitRiver Team Up to Expand in BRICS

Published on October 29, 2024
By: Ertix Truepatch
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On October 18, during the BRICS Business Forum in Moscow, the Russian government and BitRiver, a major crypto mining company, unveiled an ambitious plan to build mining data centers across BRICS countries.

The BRICS group comprises five emerging nations—Brazil, Russia, India, China, and South Africa—aiming to boost their global influence while decreasing their reliance on Western-dominated institutions.

According to RBC, the plan involves the Russian Direct Investment Fund (RDIF), established in 2011 to attract foreign investment and support economic development in key sectors of the Russian economy.

During the recent BRICS Forum, BitRiver and the RDIF also announced their partnership on IA projects, committing to position Russia as a big player in the computing market.

“In collaboration with the Russian Direct Investment Fund, we will focus on creating an infrastructure base centered around crypto mining. We will build data centers and connect them to the necessary resources. This will allow us to implement IA projects”.

–Igor Runets, CEO of BitRiver.

No specific agreements have been finalized with any BRICS country as of now, but both sides pointed out that “there is a shortage of available space in energy-intensive data centers worldwide, presenting significant opportunities for Russia.” It’s worth mentioning that BitRiver currently operates 21 crypto-mining facilities in Russia and is building 10 more centers.

Kirill Dmitriev, Executive Director of RDIF, stated that his organization and BitRiver will “focus on expanding the potential of data centers to extend these technologies across BRICS markets”.

BRICS is becoming increasingly popular. Just a few months ago, Thailand expressed interest in joining, with the bloc now accounting for up to 35% of the world’s GDP. The country has already submitted a formal request.

“At this week’s BRICS Foreign Ministers’ meeting (June 11), the Minister of Foreign Affairs handed a formal letter of intent from Thailand to His Excellency Mr. Sergey Lavrov, Minister of Foreign Affairs of the Russian Federation, expressing Thailand’s interest in joining BRICS. We expect BRICS to now review Thailand’s request.

Thailand sees BRICS as playing a crucial role in strengthening the multilateral system and promoting economic cooperation among Global South countries, which aligns with our national interests.

Joining BRICS would boost Thailand’s global presence and deepen its cooperation with emerging economies, particularly in areas like trade, investment, and food and energy security”.

–Nikorndej Balankura, Thai Ministry of Foreign Affairs.

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