Russian Crypto Mining Firm Intelion Makes $135 Million AI Investment
Russian crypto mining firms are continuing to spend big on new projects, with the Bitcoin mining player Intelion unveiling a $135 million AI investment.
The Intelion business group, one of the largest industrial mining operators in Russia, said it would spend the money on “server equipment for AI computing.”
Per the Russian media outlet RBC, the company will use its “new capacities” as “part of” a new “data center” project in the Samara Oblast.
Intelion says that to “implement” its new AI project, it will spin off its “high-performance computing business” into a subsidiary.
This new firm will be named Intelion Cloud. It will reportedly focus on “developing a group of companies in the AI field.” It will also “provide clients with access to high-performance computing power.”
Domestic crypto mining companies have grown quickly as global crypto markets have boomed.
In addition, they have also struck deals with energy providers in parts of Russia with cooler climates and low electricity fees.
This rapid expansion has seen the industry branch out into AI-related industries. Players have also offered Moscow access to brand-new data centers, hoping this will lead regulators to look favorably upon their industry.
Moscow is hoping to launch a nationwide IT development project. And crypto mining players say their data centers will help the government achieve its goal.
Russian experts claim that AI development will spike energy consumption figures. They think that by 2035, Russian electricity consumption in the AI sector “will reach 4.5 GW.”
Experts say that “new infrastructure and advanced GPUs” are urgently needed to help facilitate the rise of the domestic AI field. Maxim Vyaznikov, Intelion Cloud’s inaugural CEO, said:
“Industrial crypto
Read more on cryptonews.com
