A large cryptocurrency and blockchain association in Russia is launching a project to bring global crypto mining operations to the country.
The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain, or RACIB, introduced an initiative. It aims at transferring global computing resources for crypto mining to the Russian Federation. RACIB is the only public organization in the Russian federation representing the interests of representatives of the crypto industry.
To promote and implement this project, RACIB closely cooperates with executive authorities of the Russian Federation, regions, and state corporations.They formed a range of joint working groups with state structure of the energy complex and state corporations.
One of these groups focuses on an “eco-mining” project to construct mining farms powered by renewable energy sources. Additionally, to hydro and nuclear energy, which make up 40% of the total energy balance of the country. They are also considering new sources of electricity.
In 2021, In Russian Federation,1158 MW of new generation wind farms have been built in Ulyanovsk, Rostov Regions, in the Stavropol Territory.
Currently, the largest foreign partner of RACIB in this project is a Consortium of the largest mining companies in China. The companies in the consortium handle “more than 25% of the planet hashrate of the key cryptocurrencies.”
According to the energy-focused publication NS Energy, Russia is the fourth country in terms of electricity production. It generates more than 1100 terawatt-hours of energy per year, after China, the United States, and India.
The new initiative brings opportunities for global crypto miners in China who are going abroad amid crackdown. Chinese hydropower plants go on sale as miners are shifting to other countries. In June, Miami Mayor Francis Suarez also publicly invited Chinese crypto mining providers to establish a city data center.