A Russian crypto industry organisation starts a scheme enticing crypto mining companies to relocate to Russia as they leave China.
RACIB
According to a news statement issued Monday, the Russian Association of Cryptoeconomics, Artificial Intelligence, and Blockchain (RACIB) collaborate with federal, regional, and state-owned companies to figure out how to introduce mining to Russia.
RACIB’s Statement
According to the statement, RACIB is in the process of creating numerous working groups. In addition to working with state-owned firms and energy companies. Moreover, a collection of Chinese mining businesses, representing 25% of the worldwide bitcoin hashrate, collaborates with the organisation.
Miners From China Fleeing
Miners from China, accounting for half of the world’s bitcoin hashrate until the spring of this year, are fleeing. Consequently, due to a government crackdown on the sector.
According to Cambridge University’s Bitcoin Electricity Consumption Index, many people have migrated to Kazakhstan. Therefore, Kazakhstan surpasses Russia in terms of the proportion of global hashrate.
Environmental Concerns
Local governments in China appear concerned about the impact of crypto mining on the environment.
According to the association, one of RACIB’s groups is working on a proposal to power mining farms with renewable energy.
Moreover, Russia is particularly positioned to serve crypto miners. Russia owes this to an abundance of low-cost electricity, a cold climate that lowers the need for cooling equipment, and its centralised energy infrastructure.
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