As China has been “busy” driving out cryptocurrency miners out of the country, Russia is on an opposite quest.
The Russian Association of Crypto Industry and Blockchain (RACIB) has a long-term plan to make Russia one of the most, if not the most, attractive places for crypto miners.
With this initiative, Russia is becoming a place of hope and a second chance for miners who were displaced and were forced to close down businesses because of China’s crackdown on crypto.
Ideal for crypto mining
One of the best things that make Russia an ideal place for crypto mining is its surplus of energy. In fact, it is one of the top energy producers in the world, and it doesn’t have a shortage of energy sources, especially the traditional ones.
Russia has been producing so much energy that some of its regions have reached an excess of 50% of energy, which is good news for bitcoin miners.
Also, with the country’s low population and favorable climate, large-scale operations can be set up easily and crypto miners shouldn’t have to spend high electricity bills just to cool their machines because Russia’s climate will do the job for them.
RACIB is optimistic that its initiatives would turn the country into a crypto haven for miners. Also, the organization is aiming to support the global cryptocurrency network by fostering an environment where crypto mining can thrive and develop.
Miners can also expect that a big chunk (40%) of Russia’s energy comes from eco-friendly sources such as hydro and nuclear power. That is why the country is providing a big opportunity for bitcoin miners to use clean energy.
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