Russian Mining Company to raise $100 for cryptocurrency mining

MOSCOW, Aug 7 (PRIME) -- Russian Mining Company created by Internet ombudsman Dmitry Marinichev, microelectronics producer Mikron’s President Boris Zyryanov plans to raise U.S. $100 million to invest in development of a processor for cryptocurrency miners, Marinichev said on Monday in a news conference.

Another founder of Russian Mining Company, founder of electronics retailer Sunrise Sergei Bobylev, said that the processor will make production of cryptocurrencies 35 times more efficient.

The company will spend $10 million on development of the processor, and $90 million on production of mining equipment with a security chip that help create a joint mining fund to distribute profits among investors. Russian Mining Company will raise the money through an initial coin offering (ICO) generator.

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