Didar Bekbauov — the founding father of Kazakh Bitcoin (BTC) mining agency Xive — recommended that Russia could quickly develop into a serious participant within the house of cryptocurrency mining.
Bekbauov wrote in a latest Twitter thread that “Russia can acquire a foothold within the second place on the earth in cryptocurrency mining.”
He additionally echoed the concepts shared by BitRiver’s director for presidency relations Oleg Ogienko on the RBC Crypto discussion board on December 5, when he claimed that the Russian Federation’s energy consumed for mining is 1.7 gigawatts. Ogienko mentioned that 60% of this energy is utilized by industrial-scale mining operations whereas the remaining 40% are consumed by the retail market phase. He mentioned:
“Given the potential for development, industrial mining will attain 5GW within the subsequent two years with balanced and prudent trade regulation. It will present a possibility for Russia to firmly acquire a foothold within the second place on the earth in cryptocurrency mining.”
Oleg Ogienko, director of presidency relations at BitRiver
Such an occasion may probably result in about 50 billion rubles (almost $800 million) in tax revenues within the first 12 months and a half, with 500 billion (almost $8 billion) extra following within the subsequent two to 3 years.
The information experiences the latest introduction of a Russian invoice that will successfully legalize crypto mining and a proposal by the Financial institution of Russia to solely permit native miners to promote their crypto on international exchanges and to non-residents.
Along with that, Russia’s main competitor by way of mining, neighboring Kazakhstan, has simply imposed new restrictions on miners. Any more, electrical energy purchases by Kazakhstani miners from the general public grid are solely permitted when there’s a surplus and solely by a selected trade.