Crypto Investors From China & Eu Plan To Mine In This Country


Is crypto mining becoming a big deal for crypto investors?

Yes, crypto mining has become one of the most popular mining today. While China is becoming a bully towards their local cryptocurrency exchanges, the crypto investors in the country are having a hard time continuing their investments towards cryptos. This is one of the reasons why Chinese are now planning to start mining operations in Russia.

Aside from Russia, Eu is also planning to invest crypto mining in Russia. Companies already sent their application to make the mining possible. I guess, the Chinese government can’t stop their citizens from seeing the value of cryptos.

Companies from China and the European Union have applied to start mining operations in Russia. The country already has “hundreds” of cryptocurrency mining factories but still has free energy capacity for foreign companies to set up mining farms.

40 Applications Received

40 Companies From China and EU Have Applied to Mine Bitcoin in RussiaThe Russian Association of Blockchain and Cryptocurrency (RACIB) has reportedly received 40 applications from companies and individuals from European Union countries and China to place mining equipment in Russia to mine bitcoin. This was conveyed to Ria Novosti by the association’s president Yuri Pripachkin last week.

The publication then quoted him saying:

In Russia, the number of such factories is already in the hundreds, and our country has energy resources that can be sold to miners effectively.

RACIB is an association formed in August this year to unite blockchain participants and owners, miners as well as investors of cryptocurrencies and initial coin offerings (ICOs). Its formation was announced by President Vladimir Putin’s adviser on Internet issues, Herman Klimenko.

New Market and the Need for Legislation

Pripachkin further commented on cryptocurrency mining in Russia:

In fact, this is a new market for energy companies, and it is important to prepare a legislative basis, and possible preferential taxation for such foreign investors.

40 Companies From China and EU Have Applied to Mine Bitcoin in RussiaAccording to the director of the association, Arseniy Shcheltsin, “the organization had formed a committee of participants in the mining market with the participation of the representatives of China and Slovakia, who are preparing proposals to increase the investment attractiveness of mining in Russia,” the news outlet wrote. “The recommendations will be forwarded to the Ministry of Economic Development and the Ministry of Energy of the Russian Federation.”

Pripachkin believes that “Russia has every chance of becoming the world capital of mining,” he wrote on his Telegram channel.

Surplus Electricity

According to the Ministry of Energy, the installed capacity of power plants in Russia as of December 31, 2016, totaled 244.1 GW, Ria Novosti noted. Meanwhile, the maximum load during that time was only 154.3 GW, indicating plentiful free capacity, Pripachkin explained, adding that:

When considering the current free capacity of Russian energy companies of about 100 GW, the attracted investments into the economy will be about 1.7 trillion rubles a year.

Shcheltsin told Tass last week that “in Russia, favorable prices for electricity” are responsible for such high interest mining, among other things. Overall, “it is about placing containers from several hundred miners with a capacity of 3 MW, which gives a daily yield of 0.5 BTC or approximately 200,000 rubles,” the news outlet reported him explaining.

Do you think these 40 companies will benefit from setting up mining operations in Russia? Let us know in the comments section below.

via Bitcoin

Comments

comments

What's Your Reaction?

Angry Angry
0
Angry
Cute Cute
0
Cute
Fail Fail
0
Fail
Geeky Geeky
0
Geeky
Lol Lol
0
Lol
Love Love
0
Love
OMG OMG
0
OMG
Win Win
0
Win
WTF WTF
0
WTF

Crypto Investors From China & Eu Plan To Mine In This Country

log in

reset password

Back to
log in
Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Open List
Open List
Ranked List
Ranked List
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF