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.