Russian Crypto Association Attracting Crypto Mining Firms
RACIB which is an artificial intelligence Blockchain company of Russia is trying to attract crypto mining firms in their nation because of a better friendly environment for crypto operations.
After China’s crackdown on crypto mining & trading. Most of the Firms are moving from China to crypto friendly countries. While Texas became the hotspot for the crypto mining industry, it is worth noting about Kazakhstan which is now the third largest crypto mining industry in the world. Because of the Kazakhstan initiative to attract and welcome crypto mining firms, Russian Crypto industries are also trying to attract crypto mining firms.
Related: Kazakhstan considers mining “technological progress”, goes by without taxing it
The Russian Association of Crypto Industry and Blockchain (RACIB) explained that their country has a better environment for cryptocurrency Mining firms. They gives all possible reasons that can make crypto mining operations friendly in Russia.
According to RACIB, Russia is one of the top five countries which produces electricity at a high level and they also have better resources to produce electricity. The basic traditional fossil fuels that are needed for them are available in Russia in huge amounts, which makes Russia produce to electricity in huge amounts according to need.
And also they claimed that they are producing 40% of the electricity through eco-friendly sources of energy which is a biggest need of the crypto mining industry.
Moreover they claimed that they have low density of population and also a better environment ( cool weather) that is necessary for miners to overcome the heating issues in mining equipment.
It is worth to notice, even in the present time after Kazakhstan this is Russia which is at number four to give a better ecosystem for Bitcoin mining firms. And according to their plans it is expected that It may rank by 1 or 2 soon.
Read also:AXE initiative For DogeCoin “Dogecoin Axe body spray”
