Russian President Vladimir Putin's Internet Advisor Dmitry Marinichev is planning to raise $ 100 million to fund a mining enterprise through an initial coin prasad (ICO), Bloomberg said.
In the last few years, China-based Batman, the world's largest and most influential Bitcoin mining equipment maker, has invested millions of dollars in the development, research and manufacturing of miners and other mining equipment. However, according to Marinesh, only 10 percent of the capital was developed through the ICO, Russia would be able to reach 30 percent of the share in global cryptokurization mining.
Essentially, Marinchev believes that Russia's extra power capacity and surplus energy will allow the country to specially bitcoin and other cryptocyurising at a lower cost. According to sources, Russia has 20 gigawat extra power capacity. During his presentation, RMC and Marinechew stressed that the cost of electricity in Russian is very low compared to China, which is already a famous country for cheap electricity. In the short term, Marinchev said that Russia will compete with the BitMain and Chinese bitcoin mining industry using the mining equipment and ASIC chips developed by Batman.
Marinchev's announcement happened a few months after a meeting between Itram's co-founder Vitalik Butterin and President Putin. In June, Kremlin said in an official declaration by Kondsec:
"Mr Buttera described the opportunities for use of technologies developed in Russia.The President supported the idea of establishing a relationship with potential Russian partners. We create a favorable business environment and broader for long term economic development and a stable social order. Making a great deal to provide financial conditions - so that working in Russia is beneficial and enjoyable. "
The validity status of cryptoculture is not obvious in Russia and Russia's Ministry of Finance has already proposed measures to prevent the use of digital currencies. Recently, the Russian government and its central bank have said that they are planning to regulate the cryptocurrence industry.
In April, Deputy Finance Minister Alexei Mosve told Bloomberg in an interview that digital currencies including bitcoin will be valid and regulated by 2018. They said:
"The state will have to know that in every moment of time the financial chain stands on both sides of the chain. If there is a transaction, then those who have bought and operated with the bank operations should understand.
The statement from Moiseev means that the Russian government is ready to legalize bitcoin for business, users, businessmen and the public, with its tightened customer (KYC) and anti-money laundering (AML) policies and systems.
The launch of Marinechev's mining company could set an example for Russia's cryptrogressive industry and open doors for other companies to start work in this field.
According to local Bitcoins, in 2014 the demand for bitcoin in Russia is increasing rapidly. Once legitimately, Russia has the potential to become a major market for cryptokuranx.
