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Russia Welcomes Bitcoin Miners

While China is insisting on pushing Bitcoin miners out of its region, other countries like Kazakhstan and Russia seem to be inviting these groups of estranged miners to their country.

According to available information, the Industry association the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB) has revealed that it is currently working on a project that will attract mining operations into the European country. The association went on to state that it is working hand in hand with the government to make this dream a reality.

Per RACIB’s statement, Russia has over 50 percent of excess energy that is not being put to use currently by the state. Coupled with the cold climate condition of the country and its high level of energy efficiency, the country could become a choice destination for crypto miners across the globe.

Away from the available energy source, the association noted that its working group is also currently working on a renewable energy source. The group is developing an eco-mining project that would be looking to build crypto mining farms that use green energy.

RACIB also highlighted that part of the renewable energy source project is the study of wind power electricity generation, the use of hydropower and nuclear energy for electricity. Notably, 40 percent of the country’s energy mix comprises the aforementioned sources.

Already, some miners in China have begun assessing the Russian option. One of such crypto miners is The9, an erstwhile gaming operator that is now into crypto mining, who has partnered with a Russian crypto mining firm, BitRiver, for crypto mining hosting services.

With this, Russia’s contribution to Bitcoin hashrate is bound to grow. As of April, the European country had  6.8 percent of Bitcoin global hashrate, which is only behind the likes of China and the United States.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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