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Russian Crypto Industry Association Courting Chinese Miners

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The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB) is working with authorities and enterprises to bring crypto mining computer resources to Russia.

For instance, RACIB is closely cooperating with executive authorities of the Russian Federation, different regions and state corporations to promote and implement this project. According to the announcement, RACIB already formed several working groups with state-owned enterprises and companies in the energy sector.

One of these working groups is developing a specific eco-mining project. It hopes to construct mining farms powered by green electricity from renewable energy power plants. The statement also highlighted potential adding wind power to the mix of hydro and nuclear energy. The latter two make up 40% of the country’s energy supply, the statement added.

Courting Chinese crypto miners

Meanwhile, as crypto miners flee the previously mining-rich China, RACIB has been in talks with several to bring them to Russia. RACIB is working with a consortium of the largest mining companies in China, controlling over 25% of the global hash rate.

RACIB hopes that the transfer of these computing capacities to Russia will allow it to dramatically increase its presence in the global market. For instance, RACIB highlighted that it hopes to break out of its current 3rd place position of ~7% of the world market.

China’s crypto crackdown

Although China hopes to be the most advanced country in blockchain technology by 2025. However, it wants to have exclusive rights to its advantages, making efforts to quell cryptocurrencies throughout the country. To this end, Chinese authorities banned banking and payment institutions from providing services for crypto-related businesses last month.

Authorities then turned their attention to cryptocurrency mining. Authorities in different Chinese provinces have already started carrying out these orders. These include states like Yunnan and Sichuan.

Once nearly accounting for 70% of global mining of BTC, China’s ban has inevitably led to a mass exodus. Many of these companies have naturally had to flee abroad. Many have managed to find their way to Texas. RACIB is hoping to deviate some of these resources.

The post Russian Crypto Industry Association Courting Chinese Miners appeared first on BeInCrypto.

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