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Russian government promises to make power discounts for miners

03 September 2017 21:00, UTC

The attention of Russian government to cryptocurrencies grows, and some of its latest initiatives are directly supporting miners. Among them is the discount on energy prices for miners who operate with farms. The representative of the Russian-based Internet Development Institute, Arseniy Sheltsin, told that the project development had already started. After the implementation one of the state regions will make electricity discounts for cryptocurrency mining farm owners.

Sheltsin notes that the country needs to create the most favorable environment for cryptocurrency miners because their work can benefit the economy of the state. “The efficient solution of this issue will allow Russia to become one of the lead cryptocurrency mining countries. This means that on the one hand, that will increase the amount of digital funds in the country, and, on the other hand, it will lead to further blockchain infrastructure development,” stressed Mr. Sheltsin.

All talks about the power surplus, power costs and power discounts in connection with cryptocurrencies exist because the mining equipment consumes energy – every mining farm or rig consists of the chips constantly computing and producing (“mining”) new blocks for the currency blockchain.