Russian Crypto Mining Projects Aim To Encourage Local Miners

Top Crypto Companies To Leave The U.S Anytime Soon

The Russian Association of Crypto Industry and Blockchain (RACIB) wants more Russians to control their mining activities. The association is looking to create Russian crypto mining projects that will give capacity to Russian miners. RACIB wants local miners to be able to mine effortlessly and legitimately.

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Recently, the cryptocurrency industry has seen sharp increases in the number of miners. Notably, the number of professional miners is going up while the number of private miners is falling. According to RACIB, most mining factories present in the country cooperate with Asian and European allies. Therefore, the association seeks to stop the trend and bring more local miners under local cooperation.

Enabling absolute control of local mining

According to Arseniy Shcheltsin, Director of RACIB, “The use of overseas mining facilities has increased reliance on foreign partners, judicial jurisdiction and taxation systems.” To counter the trend, the association is looking to provide funds to Russian miners. Further, the association is ready to fund government plans to improve the cryptocurrency environment in the country.

As at now, the cryptocurrency niche in the country employs about 400,000 people. All these people work in a sector that has over 70,000 enterprises dedicated to mining cryptocurrency. The association credits this high number to cheap electricity in the country. Important to note, there is a great number of Russians who mine cryptocurrency in the comfort of their homes. Unfortunately, as RACIB notes, as most enterprises get professional, they begin to hire foreign professionals. This is what informs the association’s desire to fund more Russian crypto mining projects in the country. Eventually, the association hopes that more Russians will qualify to close the skill gap.

Improving Russian crypto mining projects has conditions

According to Crypto Crimson, a cryptocurrency news outlet, cheap electricity is not enough. The publication notes favorable conditions must be in place to support growth in the sector. Fortunately, the sector is already showing break-even signs. Most importantly, the sector needs a healthy regulatory environment. At the moment, there are a number of crypto-related bills in the Russian parliament under discussion. If ratified, the stage will be ready for the great cryptocurrency lift-off in Russia.

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