ST. PETERSBURG, June 21. /TASS/. The Russian mining sector is capable of expanding its production capacity to 7 GW within the next three years, CEO of GIS Mining, a mining data center operator, Vasily Girya said in an interview with TASS during the St. Petersburg International Economic Forum (SPIEF).

"I believe that over the next three years, the Russian mining sector can increase its production capacity to 7 GW and confidently secure second place globally in bitcoin mining, while competition with the United States will noticeably intensify," Girya noted.

According to him, this growth is driven by the entry of large financial-industrial groups into the market, the development of a trend toward building distributed self-generation facilities for mining data centers, and possible liberalization of cryptocurrency trading in Russia.

About the forum

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.