Two new “mass mining” projects in Russia are under development

Two new “mass mining” projects in Russia are under development

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Answer Two new “mass mining” projects in Russia are under development

The Russian Cryptocurrency Association is working on two projects to create mining pools to provide better conditions for local mining companies. The industry has experienced strong growth, with an estimated 70,000 companies operating in this field, according to the organization. Miners are taking advantage of cheap electric power produced in Russia. Many companies believe that it is time to legalize all financial investment activities and set global standards in this field.

Russian mining pools offer an alternative to local miners

Russia is developing its own mining pools and the participation of the Russian Association of Cryptoinoinment and Blockchain, the organization that represents the interests of cryptocurrency companies, with a number of initiatives promoting the sector and highlighting its importance to the economy. Recently, RACIB decided to strongly support the development of cryptocurrency mining in the country by participating in two projects to create “Russian mining pools”. The association’s director, Arseny Shettelsin, told the prime minister that one of the main tasks was to return some of the money that is now flowing from foreign companies to Russia.

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According to the Russian Association of Cryptocurrency and Blockchain, more than 400,000 people work in this sector in an estimated 70,000 enterprises where hundreds of thousands of mining rigs operate. Some of these pools are of huge size, however, many ordinary Russians also mine coinage in their own homes. Scheltsen and his colleagues believe that the number of hobbyist miners is gradually declining as professional players grow in the market and hire more experts, from electricians and refrigeration engineers to IT professionals and software developers.

Russia is seeking to develop national (domestic) mining pools, as most of these facilities work with Western and Asian mining pools, whose operators control the distribution of revenue. The use of offshore-based collective mining centers also increases reliance on foreign counterparts, jurisdiction, and tax systems.

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Work is already underway on the first and second development, where the Russian Association of Cryptocurrencies and Blockchain is participating in a joint venture with “Crypto Universe” and in the project of the national mining pool called “Mine Russia” both pools have the capacity to support 3000 mining units and mining will be a number of coins Leading digital encrypted. The association’s role also includes collecting and exchanging statistical and analytical data with participating companies.

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Conditions for improving digital currency mining in Russia

The Russian Cryptocurrency Association has announced two ambitious projects at a time when prospects for mining operations in the country are improving. And crypto-financial transaction processing is the computing job that always needs power and cheap energy is always welcome. This will indeed be achieved. Russia is one of the countries with the lowest energy consumption rates in the world, and it has fallen more in the past months from 5-7 rubles per kilowatt at the end of last year to 4-5 rubles now, and in some regions less than 2.5 rubles (less from 0.04 USD).

Russian authorities are preparing to adopt the long-awaited cryptocurrency regulations. The renewed legislation will be presented for public debate in October, before it is accepted by lawmakers in the Legislative Council. Three bills aimed at regulating different aspects of the crypto space were voted on in first reading this spring but were deferred for adoption in the fall session of the House of Representatives to give MPs time to sync drafts. Most Russian officials and regulators are inclined to mine cryptocurrencies, but they are less enthusiastic and complacent about accepting the legalization of cryptocurrency transactions and allowing them to be traded in the country.

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Russia seeks to develop private mining pools

Arseny Shettelsin is confident that the demand for collective mining centers in Russia will increase. He also notes that Russian pools will provide more favorable conditions for local miners than foreign pools, which often account for 20% of the hash power of participants. The head of the Russian Association also promised that there would be no hidden fees for transferring assets and connecting mining equipment to the network.

The Russian Association intends to facilitate “full legalization” of the mining business. This month, it will also present a proposal to introduce a certification system to prove the legality of mining. Documents and standards are being prepared in cooperation with industry representatives. Mining enterprises are required to meet more than 30 requirements before they can be certified. Russian mining projects with a total investment cost of 5 billion rubles (about $71 million) are scheduled to be implemented by the end of this year.

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