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New Initiative Planning to Establish Crypto Mining Operations In Russia

By Warren Hayes | July 19, 2021

A high-profile Russia-based crypto and blockchain association is reportedly looking to roll out an initiative aiming at establishing mining operations locally, during the crackdown in China. 

Specifically, The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB) has collaboratively disclosed details of a project, looking to move international computing resources for crypto mining to the Russian Federation, with additional information to be shared in the near future. 

Regarding the promotion work and implementation of the initiative, RACIB is working closely with the Russian authority and state corporations, establishing a series of joint working groups with local state structures. 

A nominal group is reportedly specialized in an “eco-mining” project dedicated to forming mining farms and data centers, operated by renewable electricity sources.

Apart from the availability of rich hydro- and nuclear-based energy locally, the group further has intentions to set up crypto mining operations utilizing green energy sources, nominally wind-based power plants.

As included within the scope of the project, RACIB is reportedly already partnering with numerous associates outside of the country including a consortium of several top-tier crypto mining-centric firms from China. 

Russia is reportedly standing at the 4th position regarding electricity production, generating more than 1,100 terawatt-hours of energy on a yearly basis, behind China, the United States, and India. 

The new project reportedly offers an additional strategic opportunity for international crypto miners during the time when mining entities are trying to get out of China, following the local crackdown on crypto mining operations.

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