Bitcoin mines are flooding into Russia! Russia: we have enough power for all of us

Russia is quietly preparing for the influx of virtual currency miners.

Russia is said to have the conditions to invite the miners. They are rich in natural resources and cheap energy, as well as a strong base for heavy industry. Because many high-energy companies shut down in the 1990s, they had the third-generation capacity left over from the idle Soviet era, and there were communities built by indigenous miners.

"I don't think there will be any problem if the Chinese move the mines to Russia," said Sergei Repetyuk, director of the economics department at the Russian institute for economic and natural resources patents. Even at its peak, Russia has not yet used up to 40% of its electricity.

On many Russian bitcoin BBS, there will always be "welcome Chinese and European miners to Russia!" This kind of post.

The site has previously said that dozens of mining applications from Chinese and eu companies and individuals have been accepted by Russia. The Russian Cryptocurrency and Blockchain Association has invited some practitioners from China and Slovakia to help boost The country's appeal to miners.

That said, the Russian authorities are waiting to agree, or at least not disagree, with the bitcoin industry.

It's all about economic considerations. It is estimated that the virtual currency mining industry can bring trillions of rubles to the government.

"Where electricity is cheap, we go."

The extraction of cryptocurrency requires a great deal of power. In 2017, according to Digiconomist and Russia, mining consumes up to 40 TWh of electricity.

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Currently, 80 percent of the world's mining capacity is in China. The Russian media reported that potential energy shortages were causing concern in the provinces where the miners were concentrated. Inner Mongolia, xinjiang, Tibet and yunnan have begun to restrict power supplies.

Chinese regulators have a clear view of bitcoin mining. In September last year, the government called on the domestic bitcoin exchange to close. Earlier this month, surging news reported that Internet financial risks rectification work leading group office issued documents to all lands, actively guide the facility enterprise orderly exit COINS mining operations, and regularly submit work progress.

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