## Project to Subsidize Electricity Costs to Cryptocurrency Miners ##

"Beneficial Pilot Project to crypto currency Miners"

It is working on a pilot project for the subsidy on the cost of electricity connected to crypto currency mining, the Russian Federation of Internet Development Institute and Blockchain and crypto currency. Arsenie Schlesellsin, the director of the IRI director of the project, told daily newspaper Azestia. This week those mining farm owners will get a discount on electricity but they did not disclose the actual location of the project. Both organizations believe, as has been reported by the publication: In addition to the legalization of crypto currency in Russia, it is necessary to create the most favorable conditions for miners' work.

While the goals of these IRIs have been focused on development. This operation of modern technologies in Russia was created to unite blockchain technology participants, these owners of crypto currency, including miners and ICO project investors, according to this RNS news service. This creation was done by Vladimir Putin's Internet Advisory Herman Kalimenko at the end of August. Was declared.

“Subsidizing Electricity Costs”

Izvestiya noted adding that: it Professional mining farms need cooling solutions which require a lot of electricity.
it is a largest crypto currency farm in Russia consumes in aggregate 4.5 mWh or 3240 mW per month. This cost of 1 kWh depending on the region is from 2 rubles to 5.3 rubles.

This is the largest crypto currency farm in the country, which requires energy costs at least 6.4 million rubles per month, using the lowest electricity rate, Izestia detailed. According to the data provided in the beginning of 2017, according to this news, the farm brought its owners around 20 bitcoins per day (1 biton = 270,000 rubles) or 600 bitcoin per month, according to the data provided in the beginning of 2017.

According to Shcheltsin, there are many useless production capabilities in Russia, he said that using their mining would help in reaching the design capacity of the power plants. It means that they will increase their efficiency, expressed Izvestiya. This IRI director also said that this will allow Russia to become a leader in crypto currency mining.

"Using Special Economic Zones"

Its Schwalscin believes that it will be possible to provide it. These exemption privileges by using a special order for special economic zones. These areas have been set up by the government to attract foreign direct investment and the privilege lasts for 49 years.

In Russia, one area is trying to attract the crypto currency miners, Kaliningrad is. This past week, Kaliningrad Region Development Corporation chief Vladimir Zaroudi explained that he is the SEZ standard of which area for crypto currency mining. He believes that by 2018 the crypto currency will become valid in the country. This is a Google analysis that has revealed that Kaliningrad is an area in Russia which is the biggest growth in mining related queries.

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