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RACIB is working to attract several Chinese crypto miners

www.thecoinrepublic.com 20 July 2021 04:26, UTC
Reading time: ~2 m

  • Crypto miners from China are finding a more suitable place to migrate their businesses
  • Russian Association of Cryptoeconomics, Artificial and Blockchain is working with federal and regional authorities to attract the Chinese cry[ptocurrency miners
  • The Russian Cryptocurrency Association has formed several working groups with state-owned companies and energy companies
  • Chinese mining firms are also working with the association to allocate in the region
  • RACIB believes that the region and its climate is best suitable for crypto mining operations

Crypto miners are seeking to allocate their mining operations due to China’s crackdown. In May, China announced prohibiting cry[pto firms in the region and restricted them from continuing mining operations. However, now these miners are finding some greener pastures to migrate from China. Notably, the Russian Association of Cryptoeconomics, Artificial, and Blockchain (RACIB) is attracting these miners. The crypto industry association has launched a project to attract miners for allocating their operations in the country.

RACIB cooperating with federal and regional authorities

Chinese crypto miners are planning to allocate their operations, and countries are seeking to attract them. Among the nations, Russia is also planning to attract them. To do so, RACIB is working with federal and regional authorities. Moreover, the association is also working with state-owned enterprises.

On Monday, the association revealed in a press release that they are working on determining how to bring crypto miners to the country. Moreover, the Russian crypto industry association has already formed several working groups with state-owned enterprises and firms in the energy industry.

Chinese mining firms are working with RACIB

Chinese crypto miners dominate the mining industry with about 50% of the global hash rate. Among mining companies, the group that accounts for 25% of the global mining power also cooperates with a Russian association.

Many of the crypto miners have been flocked to Russia’s neighboring Kazakhstan. According to Cambridge University’s BTC consumption Index, the country has surpassed Russia regarding global mining hashes share.

Russia is positioned to serve mining operations

China appears to be concerned due to Bitcoin mining’s heavy power consumption. The government believes that mining operations will have a tremendous impact on the environment. However, RACIB thinks that Russia is uniquely positioned to serve cryptocurrency miners. Indeed, the electricity cost in the country is low, and the cold climate reduces the demand for cooling systems.

Following the scenario, one of the association’s working groups is creating a project for crypto miners. The operations will be powered by renewable energy.

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