Updated: 9:41am, 21 Aug, 2018 A former Soviet fertiliser factory has been turned into what is believed to be the Russia 's biggest cryptocurrency mining unit by start - up investors . Co - founder Alexei Korolyov said the RUB500 million ( $ 7.3 m ) , 500 sq ft facility near Saint Petersburg was " so far the only one in Russia that offers the ‘ full cycle ’ – not just producing cryptocurrency but also offering services to those who do the mining " . The unit 's creation comes as the Russian government passed legislation that would authorise the creation of cryptocurrencies .
A former Soviet fertiliser factory has been turned into what is believed to be the Russia 's biggest cryptocurrency mining unit by start - up investors . Co - founder Alexei Korolyov said the RUB500 million ( $ 7.3 m ) , 500 sq ft facility near Saint Petersburg was " so far the only one in Russia that offers the ‘ full cycle ’ – not just producing cryptocurrency but also offering services to those who do the mining " . The unit 's creation comes as the Russian government passed legislation that would authorise the creation of cryptocurrencies .