New project aims to bring global crypto miners to Russia

New project aims to bring global crypto miners to Russia

A major cryptocurrency and blockchain association in Russia is launching a project to bring global crypto mining operations to the country amid a Chinese crypto mining crackdown.

The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain, or RACIB, announced an initiative aimed at transferring global computing resources for crypto mining to the Russian Federation. More information on the project is expected to be released at a later date, a spokesperson for RACIB told Cointelegraph.

Our top trading bots

In order to promote and implement the project, RACIB is closely cooperating with Russian government authorities and state corporations, forming a range of joint working groups with local state structures, the announcement notes.

One such group is focused on an “eco-mining” project for building mining farms and data centers powered by renewable electricity sources. In addition to Russia’s rich hydro- and nuclear-based energy, the group is seeking to establish crypto mining operations based on green energy sources like wind-based power plants.

As part of the project, RACIB is already collaborating with some foreign partners including a consortium of some of the largest crypto mining-related companies in China. The announcement notes that companies in the consortium control “more than 25% of the global hashrate of the main cryptocurrencies.”

According to energy-focused publication ​​NS Energy, Russia is the fourth-largest country in terms of electricity production, generating over 1,100 terawatt-hours of energy per year, following China, the United States, and India. According to the announcement, over the couse of 2021 Russia has set up over 1,100 megawatts of new power plants using wind farms in areas like the Rostov region, the Republic of Kalmykia, Adygea, and Stavropol Krai.

Related: The9 signs green Bitcoin mining deal with Russian firm BitRiver

The new initiative brings another strategic opportunity for global crypto miners amid Chinese mining firms fleeing the country as local authorities have been continuously cracking down on crypto mining activity and halting key mining farms . According to data from the Cambridge Centre for Alternative Finance, China’s Bitcoin hash rate already plummeted before the crackdown, dropping to 46% in April 2021 from 75.5% in September 2019. In the same period, the U.S. hash rate share surged to nearly 17% from 4%, while Russia and Kazakhstan’s hash rate rose to about 8%.

Russia is not the only country that is offering Chinese miners its energy capacity to emerge as a major player in the industry. Miami mayor Francis Suarez in June publicly invited Chinese crypto mining companies to consider establishing data centers in the city amid miner capitulation in China.

Read on concerning Cointelegraph
SEC charges individuals connected to former iced tea-turned-mining company
The U.S. Securities and Exchange Commission has filed charges against three people accused of insider trading with the Long Blockchain Company related to...
SEC closes in on settlements with US BitConnect promoters for millions
The U.S. Securities and Exchange Commission (SEC) is nearing settlements with four U.S.-based individuals accused of promoting the multi-billion dollar...
Kraken rethinks direct listing plan following Coinbase's lackluster performance
Jesse Powell is rethinking Kraken’s plan to go public which is set for late 2022, following the uninspiring performance of Coinbase stock (COIN) since its...
Binance Smart Chain’s BurgerSwap drained of $7.2M in exploit
Another decentralized finance protocol was subject to a major exploit on Friday after $7.2 million was drained from BurgerSwap on Binance Smart Chain.Varying...
Big tech, not cryptocurrency, is the real threat to central banks’ autonomy, Danish central bank governor says
Crypto trading volumes continue to increase, but several countries’ central banks are keen to ignore it, with Denmark being the latest to join the “crypto...
Ren launches bridge to Polygon for seven top crypto assets
The launch of the new Polygon x RenVM Bridge was announced to Twitter by Polygon on May 28, who emphasized the bridge will allow Bitcoin and other assets...
UK ad organization bans crypto exchange’s ‘time to buy’ Bitcoin advert
A major advertising industry organization in the United Kingdom has ruled on an ad campaign telling people “it’s time to buy” Bitcoin (BTC).The Advertising...
African crypto exchange registers $3.2B in transactions ahead of global expansion
After nearly three years in operation, Nigerian cryptocurrency exchange Quidax has reported more than $3.2 billion in transactions, underscoring the rapid...
Bitso reportedly becomes Latin America’s first billion-dollar crypto exchange
Mexican cryptocurrency exchange Bitso has concluded a $250 million Series C capital raise, putting it in the upper echelons of Latin America’s fintech industry. The...
Brexit and fintech: A spring stocktake
It has been four months since the Brexit trade deal came into effect between the United Kingdom and the European Union. The deal, in common with other free...
Tether gets Coinbase’s seal of approval, will list on pro offering
The United States’ largest cryptocurrency exchange, Coinbase, is listing Tether (USDT) on its professional trading platform.According to a Thursday announcement,...
Amazon Embraces Blockchain Despite The Dip on Crypto-Market
Even as crypto-market plunged from nearly $830 billion in January to $121.5 billion this week, the leading e-commerce company sees an opportunity in the...
Will XRP Soon Start Growing? New Ripple’s Offers
Last week the price range of the third most valuable crypto-coin in the world was pretty stable, letting it start the new week at the margin of nearly...
Australian Brisbane Airport The First to Permit Crypto Payments
Very soon crypto enthusiasts will be able to spend their bitcoins and altcoins in the Australian Brisbane Airport, one of the primary air transportation...
Risks of Cashing Out Cryptos Into Fiat
In 2017 bitcoin has grown by around 1,700%, when litecoin managed to surge up by about 7,000% and despite the correction which occurred to the whole...