Companies from China and the European Union have applied to start mining operations in Russia. The country already has “hundreds” of cryptocurrency mining factories but still has freeenergy capacity for foreign companies to set up mining farms.
The Russian Association of Blockchain and Cryptocurrency (RACIB) has reportedly received 40 applications from companiesand individuals from European Union countries and China to place mining equipment in Russia to mine bitcoin. This was conveyed toRia Novostiby the association’s president Yuri Pripachkin last week.
The publication then quoted himsaying:
In Russia, the number of such factories is already in the hundreds, and our country has energy resources that can be sold to miners effectively.
RACIB is an association formed in August this year to unite blockchain participants and owners, miners as well as investors of cryptocurrencies and initial coin offerings (ICOs). Its formation was announced by President Vladimir Putin’s adviser on Internet issues, Herman Klimenko.