Categories: BusinessFeaturedMiningNewsTech

Cryptocurrency Mining Pool Projects In Russia

The Russian cryptocurrency association is embarking on two projects, both with the aim of creating a locally based mining pool. This is to offer conducive mining conditions for local miners, as well as to reduce the money outflow to foreign companies. Currently, there are about 70,000 cryptocurrency mining enterprises functional in the country.

What does This Means For The Russian Cryptoindustry?

This is clearly showing that the industry is portraying an active growth curve, and it is going to expand further. The expansion of the industry is going to be as a result of the low cost of electricity in Russia. It is of the belief, by several companies, that the time to legalize cryptocurrency mining activities in Russia is now!

RACIB Mining Pool Projects

Going by the Russian Association of Cryptoindustry and Blockchain “RACIB,” the decision is to support the creation of two projects with the sole purpose of creating a Russian based mining pool. The involvement of “RACIB,” in several initiatives, targets at advancing the crypto industry above all.

The association chairman, Arseniy Shcheltsin, says, “One of the main tasks of the association is to bring back to Russia some of the money that now flows to foreign companies.”

Russian Cryptocurrency Industry Statistics

Going by a report from RACIB, over 400,000 people are currently working in Russia’s cryptocurrency industry. The report also shows that about 70,000 enterprises operating thousands of crypto mining rigs, exist in the country. Out of these mining rigs, industrial-size mining farms are present, as well as many individuals miners.

The association is also of the belief that there is a significant reduction in the number of amateur crypto miners in the country. On the other hand, professional miners are experiencing an increase in number, hence employing IT, and engineering experts.

Crypto-mining is an energy engrossing activity, and the use of cheap energy is a major advantage for every cryptocurrency miners. Russia has one of the lowest electricity tariffs globally. In addition, there are price decreases from about five to seven rubles per kilowatt towards the end of 2017 to a current rate of four to five rubles, with some regions paying as low as 2.5 rubles per kilowatt. Russia is the perfect country to set up a very cheap and scalable crypto-mining rig.

Conclusion

Russian financial authorities are making positive moves towards adopting the well-anticipated crypto regulations. RACIB chairman (Arseniy Shcheltsin) strongly believes that people will start demanding for more mining pool across the country.

Furthermore, Shcheltsin also states that the Russian based mining pools will offer more beneficial mining conditions to its users.

Finally, the favorable conditions are going to help the miners save up to 20% in hashing power, in comparison to what they will get from foreign mining pools.

David Pena

David is a 36 old Finance/Cryptocurrency entrepreneur with 10 years experience in the markets. He currently resides in South Florida. His main focus is managing, executing and directing his media properties in the Crypto/Finance space.

Share
Published by
David Pena
Tags: Cryptocryptocurrencycryptoindustryhashing powerminingmining poolRACIBRussia

Recent Posts

Christie’s Auctions $318 Million Art Pieces On A Permissioned Blockchain

Blockchain use appears to have inched a notch higher as mainstream adoption continues to gain traction. Christie's auction house in…

6 years ago

Coinbase Catalogs Brave’s Basic Attention Token (BAT)

Earning a Coinbase listing is a crowning achievement for any cryptocoin. For some time now, there have been talks wafting within the…

6 years ago

Exodus 1 – The First Flagship Crypto Smartphone

A lot of us love the sleek phones from the smartphone giant HTC. While the company has struggled for some…

6 years ago

Sirin Labs Hires Messi Ahead Of Smartphone Launch

There is no single technological invention with the hype comparable to blockchain in recent times. Interestingly, the technology keeps spawning…

6 years ago

TravelbyBit Partners With Binance To Spur Crypto Adoption

Airports are some of the most important places in the world as they serve millions of people every year, connecting…

6 years ago

Documentary Recounts Blockchain’s Eristic History

It seems blockchain enthusiasts are willing to go the extra mile to advance the mass adoption of the technology. In…

6 years ago