Crypto mining in Russia is becoming a big industry on an individual level, but more importantly for the government at an industrial scale also. This is now driving operators towards locally run Russian mining pools.
The Russian Association of Crypto Industry and Blockchain (RACIB) claims that there are now over 400,000 people employed in the sector. 70,000 enterprises operate hundreds of thousands of mining rigs, with an increase in one-man operators working from their homes. The agency has made it clear it would like to see the complete legalization of cryptocurrency mining in the country.
The industry is creating new jobs; and calls for electricians, engineers, and IT specialists are on the rise as a result of crypto mining by large-scale enterprises. In an effort to regulate the industry and set higher standards, RACIB’s director Arseniy Shcheltsin wants to focus on large-scale professional mining and find solutions to better equip the industry.
A majority of these larger facilities currently work with Western and Asian mining pools, increasing the need for Russian firms to work within the restriction imposed by overseas pools often including prohibitive tax regulations.
As a result, the RACIB has linked up with Crypto Universe company to develop two mining pools under the project name “Mine Russia”. Each of the pools is speculated to support 3000 units, mining a range of cryptocurrencies. One of the main aims of the project is to cut back on the amount of Russian money going towards foreign enterprises through crypto mining. RACIB’s president has vowed that there will be no hidden fees for the transfer of assets or connecting the mining equipment to the new network.
Russia has become popular with overseas companies due to its low energy costs, with another recent drop in electricity rates recently from 5-7 rubles to 4-5 rubles in the last year. Prices are half that amount in some areas, making the country one of the lowest in the world for energy.
Although, Russia is still vehemently anti-crypto in terms of legislation, at least at the street level. Mining, on the other hand, is favored for its obvious economic attributes and is propped up by legislators. Cryptocurrency bills are going through the State Duma for a second reading later this year.
Overseas, the Russian New Mining Company is investing 125 million USD into a massive Bitcoin mining operation in Alvdal, Norway. This is a 20-minute drive from Tynset, Norway where Trident Juncture will begin on 5 October 2018. Trident Juncture will be the largest North Atlantic Treaty Organization (NATO) military exercise in Norway’s history.
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