Russian thinktanks over the crypto policies are already in talks with the various crypto mining groups including some of China’s largest crypto mining companies. One of Russia’s biggest blockchain brands is soon launching a global-scale project. This project will help Russia to bring the world’s largest crypto mining companies to the country. Amid the Chinses crackdown against the mining of the coin, Russia seems the perfect option. This timely decision will allow Russia to overtake China as the world’s leading crypto mining country.
The recent statement made by The Russian Association of Crypto Economics, Artificial Intelligence, and Blockchain, or RACIB said that authorities are working on a detailed plan to bring global computing and mining resources to the Russian Federation. This will not only boost crypto mining but also made Russia the world’s top crypto mining country. The spokesperson for RACIB told Cointelegraph that further details regarding the plan will be shared soon.
RACIB is working with the Russian authorities about the successful implementation of the plan. Crypto experts believe that this plan will further diversify the Russian economy. Give a boost to the Russian economy. It is expected that the Russian government will provide funds to RACIB to develop a local framework for the mining purpose. Apart from that, State will also help RACIB in building mining farms and powerhouses backed by renewable electricity sources.
It has been revealed that RACIB is not only communicating with the Russian Government, but the association is also having talks with foreign players, Including the largest crypto mining group of China. The reports claim that the Chinse group control world’s 25% hash rate of the main cryptocurrencies.” NS Energy a global-oriented publisher reported that Russian is the world’s fourth-largest country in terms of electricity production. So, this move by Russian authorities will be a chance for worldwide crypto mining companies to move to Russia and restart their operations.
The Cambridge Data Center revealed that China’s crypto mining share dropped down 46% before even before the start of the crackdown. However, Russia’s global share increased by 8%. On the other hand, Russian is not the only country that has encouraged crypto miners to come to Russia. Miami mayor Francis Suarez back in the month of June publicly invited the world’s crypto mining companies to come to Miami. And establish crypto mining parks there.
But Russia seems to be in the commanding position to convince these mining companies to come to Russia. Russia has rapidly developed its energy sector over the past 9 to 10 months. Recently, authorities have set up a renewable energy plant. The plant is capable of generating 1,100 terawatts of electricity per year. The Russian government is taking this project very seriously.