The company, known as Russian Miner Coin, or RMC, is seeking to raise $100 million in an initial coin offering, promising buyers a right to 18% of the company’s mining revenue, according to a presentation cited by Bloomberg.
“Russian Miner Coin is holding a so-called initial coin offering, where investors will use units of Ethereum or bitcoin to buy new RMC tokens. These new tokens will have rights to 18 percent of the revenue earned with the company’s mining equipment, according to a presentation posted on its website.”
Brian Kelly
✔@BKBrianKelly
I guess sooner than I thought, this is effectively Russia beginning to "buy" Bitcoin as a reserve asset -->https://www.bloomberg.com/news/articles/2017-08-08/putin-s-aide-seeks-100-million-to-rival-china-in-bitcoin-mining?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social …
The absolute benefit of a Russian Led, mining operation is its vast reserves of electricity at a low cost:
“Russia has 20 gigawatts of excess power capacity, with consumer electricity prices as low as 80 kopeks (1.3 cents) per kilowatt hour, which is less than in China, RMC said in the presentation."
“RMC plans to use semiconductor chips designed in Russia for use in satellites to minimize power consumption in computers for crypto-mining, Putin’s internet ombudsman, Dmitry Marinichev, said at a news conference in Moscow. Russia has the potential to reach up to 30 percent share in global cryptocurrency mining in the future, Marinichev said, adding that $10 million from the proceeds of the ICO may be spent developing the processors.”
This recent development will most likely drive the Bitcoin prices even higher. But the most intriguing aspect of a state entity, looking at Bitcoin as a strategic reserve is staggering.
This will mean in absolute terms that the Cryptocurrencies are going to be a strategic and well recognized part of the future of all Economics.
This will certainly legitimize their place in the near future and will push all prizes up.
The future may be closer and brighter than you think!
Sources:
http://www.zerohedge.com/news/2017-08-08/russia-launches-100-million-bitcoin-mining-operation
https://www.bloomberg.com/news/articles/2017-08-08/putin-s-aide-seeks-100-million-to-rival-china-in-bitcoin-mining?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social