The Russian Association for Cryptoeconomics, Artificial Intelligence and Blockchain (RAKIB) is working with authorities and businesses to bring computer resources for crypto mining to Russia.
For example, RACIB closely cooperates with the executive authorities of the Russian Federation, various regions and state corporations to promote and implement this project. According to communicationRACIB has already formed several working groups with state-owned enterprises and energy sector companies.
One of these working groups is developing a specific ecological mining project. He hopes to build mining farms powered by green electricity from renewable energy power plants. The statement also highlights the possibility of adding wind power to hydropower and nuclear power. The latter two account for 40% of the country's energy supply, the report said.
Help for miners from China
Meanwhile, as crypto miners flee the formerly rich mining China, RACIB is negotiating with several to deliver them to Russia. RAKIB works with a consortium of China's largest mining companies that control more than 25% of the world's hash rate.
RACIB hopes that the transfer of these computing capacities to Russia will sharply increase its presence in the world market. For example, RACIB stressed that it hopes to break out of its current 3rd place in ~ 7% of the world market.
Suppression of cryptocurrency in China
Although China hopes to become the most advanced country in blockchain technology by 2025. He wants to have exclusive rights to his benefits while making efforts to suppress cryptocurrencies across the country. To that end, last month, Chinese authorities banned banking and payment institutions from providing services to cryptocurrency-related businesses.
Then the authorities turned their attention to cryptocurrency mining. The authorities of various provinces in China have already begun to implement these orders. These include states such as Yunnan and Sichuan.
The ban on China, which once accounted for nearly 70% of global cryptocurrency production, inevitably led to a massive exit from the industry. Many of these companies were naturally forced to flee abroad. Many made it to Texas. RACIB hopes to harbor some of these resources.