New project aims to bring global crypto miners to Russia

[RSRS]

A major cryptocurrency and blockchain association in Russia is launching a project to bring global crypto mining operations to the country amid a Chinese crypto mining crackdown.

The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain, or RACIB, announced an initiative aimed at transferring global computing resources for crypto mining to the Russian Federation. More information on the project is expected to be released at a later date, a spokesperson for RACIB told Cointelegraph.

In order to promote and implement the project, RACIB is closely cooperating with Russian government authorities and state corporations, forming a range of joint working groups with local state structures, the announcement notes.

One such group is focused on an “eco-mining” project for building mining farms and data centers powered by renewable electricity sources. In addition to Russia’s rich hydro- and nuclear-based energy, the group is seeking to establish crypto mining operations based on green energy sources like wind-based power plants.

As part of the project, RACIB is already collaborating with some foreign partners including a consortium of some of the largest crypto mining-related companies in China. The announcement notes that companies in the consortium control “more than 25% of the global hashrate of the main cryptocurrencies.”

According to energy-focused publication ​​NS Energy, Russia is the fourth-largest country in terms of electricity production, generating over 1,100 terawatt-hours of energy per year, following China, the United States, and India. According to the announcement, over the couse of 2021 Russia has set up over 1,100 megawatts of new power plants using wind farms in areas like the Rostov region, the Republic of Kalmykia, Adygea, and Stavropol Krai.

More information

[Alcor]

This is, of course, a bit odd to read, given the current attitude of the Russian government towards cryptocurrency. Cryptocurrency is still allowed to be stored there, but its use as a means of payment is prohibited. Until now, they cannot decide on the establishment of criminal liability for its use. Russia is one of the most hostile states to cryptocurrency, and the most illogical things at first glance can happen very quickly in it, and where the law enforcement and judicial systems are generally very far from the concept of legality. Moving to Russia and mining cryptocurrency there must be suicidal.