Russia is Trying to Compete With China By Building $100M Bitcoin Mining Industry

Russia is Trying to Build a Major Bitcoin Mining Industry to Compete With China

Since more than a year now in crypto-currencies business. I have several Russians Traders and Miners are participation on this blockchain era or we call digital/ virtual currencies. Irregardless of numbers of programs and investments I have seen Russian Businessman and Investors are putting money in bitcoin or crypto especially in mining and trading. I believed Russian will be one of a major or key player in digital e-currency in the coming future. We heard that Russian Government or the President himself is interested to build a major bitcoin mining industry and it's one primary purpose is to compete with growing mining projects in China. This is a great news such like this magnitude of supporting bitcoin compare to the news of highly respected men from CEO of JPMorgan who politicized Bitcoin because of his interest in Etherium to become number one in Crypto-currencies while he is declaring that Bitcoin is a fraud his people in San Francisco in JPMorgan office has meeting with all representatives of EEA (Etherium Enterprise Alliance) where JP Morgan is one of the member. The same is true with John Hathaway CEO of Tocquiville Asset Management .yesterday which he criticize against Bitcoin and Etherium as a garbage investment versus gold. These two CEO from respected Investment Companies are making politics to pull down bitcoin and other crypto currencies which is in opposite opinion of John McAppe CEO/ Founder of Anti-virus and MGT Capital Mining which operates in the US who predicted that Bitcoin will skyrocket to $500,000 to $1M five years from now and even the US Government can't control it or if they want to control it the Government will use avalanche of resources to stop the movement and growth of bitcoin or crypto-currencies but instead to track down this Bitcoin he advise that the US Government should capitalize this growth and to support this industry by taxing it to raise more revenues for US Infra-structure projects for the benefit of the American people as a whole. For Russian side right now we will hear what the Russian Governor wants to say;

Alexander Drozdenko, the governor of the Russian Leningrad region, has encouraged bitcoin miners to create, develop and deploy mining centers in Leningrad at the third annual Energy of Opportunities conference.

Local news publications including 47News reported:

“Production sites that are being released during the construction of new power units of the Leningrad nuclear power plant will be available for new residents as early as 2018.”

Earlier this year, several trusted sources including Bloomberg revealed that Russian President Vladimir Putin’s Internet advisor has been planning to launch an initial coin offering (ICO) campaign for a project called Russian Miner Coin (RMC) with a long-term vision of competing with the Chinese bitcoin mining industry and large-scale bitcoin mining equipment manufacturers such as Bitmain.

At a news conference, Putin’s aide Dmitry Marinichev announced his plans to raise over $100 million to establish a bitcoin mining center and a manufacturing line to produce ASIC miners. He stated:

“Russia has the potential to reach up to 30 percent share in global cryptocurrency mining in the future.”

Marinichev further emphasized the importance of Russia’s cheap electricity and explained that with lower costs, Russian mining centers would be able to compete with key players in the global bitcoin mining industry like Bitmain.

However, analysts remained skeptical regards to the model of RMC and the vision of Marinichev as Bitmain has recently raised $50 million from leading venture capital firms IDG and Sequoia. In an interview with Bloomberg, Bitmain representatives revealed that the company is valued at several billion dollars, which if true, would make Bitmain the most valuable company in the global bitcoin industry ahead of Coinbase.

It will be a challenge both financially and technologically for new companies like RMC to compete with Bitmain even with massive capital because Bitmain has remained as the leading bitcoin mining equipment manufacturer in the global mining market for the past three years and to create a replica of a mining equipment manufacturing line would require hundreds of millions of dollars.

But, RMC and the Russian mining industry could compete with China if the Chinese government decides to heavily regulate and restrict the bitcoin mining industry. Although key figures such asBitmain co-founder Jihan Wu have noted in the past that a ban on bitcoin mining in China is highly unlikely, recent reports suggest the Chinese government is actively considering the potential of restricting its bitcoin mining sector.

If China does restrict bitcoin mining operations and provides a difficult ecosystem for local miners, regions like Russiacould evolve into a major bitcoin mining market especially with the help of the government and with efficient regulations. While it is unlikely that the Chinese government will restrict its mining market, if emerging mining equipment manufacturers and miners in Russia can match the Chinese market in terms of technology and hashpower, there exists a possibility of Russia evolving into a major mining market in the future.

Reference;

Joseph Young - https://bitconnect.co/bitcoin-news/735/russia-is-trying-to-build-a-major-bitcoin-mining-industry-to-compete-with-china/

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