Russian blockchain union gets 40 mining requests from foreigners

MOSCOW, Nov 9 (PRIME) -- The Russian Association of Cryptocurrencies and Blockchain (RACIB) has received 40 requests from E.U. and Chinese companies and individuals to place equipment to mine bitcoins, the association’s President Yury Pripachkin said on Thursday.

“Bitcoin factories” have been actively opened in the world since 2013, these are specialized automated enterprises where thousands of ASIC processors mine bitcoins. A monthly income of such a factory can exceed U.S. $1 million,” Pripachkin said.

“In Russia the number of such factories already counts hundreds. Our country has power resources that can be profitably sold to miners. In fact, it’s a new market for power companies, and it’s important to work out a legal basis, perhaps, beneficial taxation for foreign investors.”

With the current spare capacities of local power companies of some 100 gigawatts, investment will reach about 1.7 trillion rubles per year, Pripachkin said.

RACIB Director Arseny Shcheltsin said that the association has formed a committee of the mining market players with participation of China and Slovakia to prepare suggestions to improve investment attractiveness of mining in Russia. The recommendations will be submitted to the Economic Development Ministry and the Energy Ministry.

(59.2480 rubles – U.S. $1)

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