Chechnya’s Eurasian Crypto Mining Pool to Unite Resources from Miners in Eurasian Economic Union Zone

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Chechnya’s Eurasian Crypto Mining Pool to Unite Resources from Miners in Eurasian Economic Union Zone

The press secretary of Chechen Republic, Alvi Karimov announced that the country will form a Eurasian crypto mining pool. It will combine crypto miners’ resources from Eurasian Economic Union countries to form the pool. The formation of the crypto mining pool is estimated to lead to three to five percent savings as it will eliminate the need to pay commission to foreign service providers.

Pool project to unite miners from various countries

According to a Russian Association of Crypto Industry and Blockchain representative, both Ramzan Kadyrov, Chechnya’s head and Yuri Pripachkin, agreed to the establishment of the mining pool. The country expects the pool project to bring together resources of miners from various countries belonging to the Eurasian Economic Union (EAEU). These countries include Belarus, Armenia, Russia, Kyrgyzstan, and Kazakhstan.

The publication stated, “The pool will be the first step in the implementation of the ‘Crypto Chechnya’ program, which is aimed at developing the region’s economy with the use of blockchain technologies.” Internet Ombudsman of Russia, Dmitry Marinichev is of the opinion that Russia offers great potential for mining pools as the climate is extremely cold in many regions and the electricity is inexpensive.

Mining pool to give life to Crypto Chechnya

As per the calculations made by Pripachkin previously, it will be possible for the community to generate significant profits by bringing the mining power of multiple countries into one mining pool. It will automatically cut down the third party expense which is around 3 to 5 percent. Incidentally this project is the stepping stone for bringing the project Crypto Chechnya to life. With this crypto project the country aspires to bring blockchain technology to the economic field of Chechnya.

The tax income of the country from mining will increase the budget of Chechnya by around 10 percent, assuming mining stays profitable. As of now, more than 350,000 miners and several thousand mining farms exist in both Chechnya and Russia. The Bank of Russia regulatory framework will supervise the working of this pool. However, the government is planning to pass regulations later in autumn in the Russian Gosduma.