Russia is working to start mining digital currencies using surplus electricity

Russia is working to start mining digital currencies using surplus electricity

by :@Abderrachidhafsi

                                           

Russian First Deputy Prime Minister Igor Shuvalov has revealed that discussions are under way on the establishment of government centers for digital @currency mining, according to local publications.

Government digital currency mining centers

@Russian First Deputy Prime Minister Igor Shuvalov, the highest-ranking cabinet member along with the prime minister, reportedly said his government was discussing setting up government centers for digital currency mining, RBC reported last week. Where Chovalov is responsible for the Russian federal budget and economic policies. "We talked about the future of this sector in @Russia, because it is developing very rapidly in the world," he said. One of the discussions he mentioned was the existence of electricity generators where mining centers could be located nearby. However, he pointed out that there is still discussion with the absence of a concrete project yet, adding that:

"To develop such @mining centers, it is necessary to prepare and regulate relevant laws. @Russia currently accounts for only 2 percent of the world's mining capacity, while @China accounts for 60 percent, according to the Pitfury Group. The United States and Canada also occupy the second largest market share of 16 percent, followed by Georgia by 6 percent and Europe by 5 percent. The Pitvuri group was founded by Valery Vavilov, a Russian-speaking citizen of Latvia.

Growing interest in electronic currency mining

This news is soon followed by the recent announcement by RMC, which plans to raise $ 100 million as a value for digital currencies and to start the large-scale Bitcoin @mining process to compete with China. In addition, RMC is a company owned by Vladimir Putin's adviser, Internet Ombudsman Dimitri Marinichev, who said, "Russia has the ability to reach a 30 percent stake in global digital @currency mining in the future."

"The growing interest in mining in Russia is due to an excess of electricity in the country and it is cheap enough," said Vladislav Martynov, a member of the supervisory board of the Atrium. "Russia has 20 gigawatts of excess power, and electricity consumption can reach 80 kopec (1.3 cents) per kilowatt-hour, which is below the price in China," Fortune said.

Russia sets up electronic currency laws

The Russian government has largely changed its stance on digital currencies over the past year. A bill to ban the former @Bitcoin @currency was introduced in the country at the beginning of 2016, which was later withdrawn and replaced with a bill to ban mining in the Bitcoin in July. However, the country is currently working on many laws and regulations that prefer to use the digital currency, including the currency which includes offers of initial currencies (ICOs). The bill, which provides a legal framework for digital currencies, including @Bitcoin and Atherom, is now being finalized, according to Elena Sedorinko, who heads the charter group for drafting laws. In early June, the central bank announced that it had begun developing a national electronic @currency. Deputy Chairman Olga Skurobogatova said at the time that pilot projects were underway.