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Russia Releases New Plan to Bring in New Cryptocurrency Miners Across

By Kenny S - Bitcoin Enthusiast - 16-07-2021

A significant company for investing in cryptocurrency in Russia is launching a project to bring worldwide crypto mining companies together.

The RACIB, also known as the Russian Association of Crypto-economics, Artificial Intelligence, and Blockchain, has unveiled a project to move worldwide computing resources for crypto mining to the Russian Federation. A spokeswoman for RACIB told Cointelegraph that more information would be revealed at a different time.

RACIB is collaborating closely with Russian government agencies and state enterprises, developing a variety of collaborative working groups with local state entities, according to the statement.

One such group is working on an "eco-mining" proposal to develop renewable energy sources for mining farms and data centers. The business hopes to create crypto mining operations while running on green energy sources like wind-powered power plants.

RACIB is already engaging with certain overseas partners as part of the project, including a selection of China's major crypto mining-related enterprises. According to the release, the consortium's companies’ control more than 25% of the worldwide hashrate of the major cryptocurrencies.

Reportedly, Russia is the fourth-largest country in power production, producing over 1,100 terawatt-hours per year, trailing only China, the United States, and India.

According to the announcement, Russia would build over 1,100 megawatts of new power plants employing wind farms in the Rostov region, the Republic of Kalmykia, Adygea, and Stavropol Krai by 2021.

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