The serious energy problems that arise when the mining of crypto money is being done is still a major controversy. After the news that Canada will present a new possibility for bans in South Korea and South Korea, and for those who are considering migrating because of rising prices, Russia's reaction to the issue has now begun to be clarified.It is pointed out that Russia is starting preparations for the migration of crypto money miners from the East and the West, and that the Russian government is very confident in this issue and is very serious about this issue. Although not a clear-cut decision at this time, crypto money communities in Russia, Russian or foreign Blockchain experts and many others agree that the Russian government will embrace Bitcoin mining.
Russians Very Aggressive
The Russians are very confident about Bitcoin mining. When we look at the popular Bitcoin forums, in the last few days a single communiqué pays attention: "Hello Chinese miners. We invite you to Russia. The kWh of electricity is only $ 0.05 . "The Russians have already begun to build very high-level centers for the mining business. So much so that the electrical connections of the centers were okay, the internet cables were pulled out with 5 thousand square meters of buildings in serious coolers. Security cameras and alarm systems were installed. The Russians, especially targeting the Chinese market, are also closely monitoring the problems in other places.
In recent press reports, many mining companies have shared the knowledge that the Russian ministry has resorted to doing so, and the majority of them are Chinese miners. Meanwhile, the Russian Crypto Money and Blockchain Association has invited senior executives from China and Slovakia to Russia, exchanging ideas with those people about what needs to be done to gain more miners.They have to be divided into 11 different time zones, they have to be in a very rich position in terms of natural resources and they are a cheap caftan for mining with cheap energy prices. The Russian government is also making good use of this situation to attract mining companies to Russia and to capture trillions of dollars worth of investment. At the same time, he is trying to set the right rules for the continuation of this market.
Russia Can Be a Major Mining Center
The Russian government continues to follow very closely all of the developments related to mining and crypt money around the world. Russian officials collecting and evaluating relevant news from around the world are in close contact with companies in China, Belgium and the United States. Contrary to the nationalist attitude in other issues, crypto has stretched his policy a little bit in order to be able to take advantage of his opponents in terms of money.The fact that countries do not have a clear view on this issue and the countries that support different views on crypto money are strengthening Russia's hand.Before the G20 Summit to be held in March, France and Germany will jointly draft a bill to increase the supervision of crypto money. The United States will also demand an arrangement on Swiss anonymous crypto money accounts, and the People's Republic of China will want to arrange this incident saying that mining has caused serious damage to the country's climate conditions and energy reserves.Russia is very strong at this point because the country is the authoritarian gentleman and law enforcement that will make these arrangements; as well as energy resources and cold weather that are a blessing for mining.While Russia planned to start working at the point of regulation of crypt money, the Russian authorities got help from abroad. From the world's leading Bitcoin miners invited to Russia from 15 different countries ; While information on how crypto-money was mined was also asked, each miner wanted reports containing different approaches to how this event could be organized. At the same time, a delegation from China and Slovakia was brought in and exchanged ideas to find out how the miners should approach themselves .Sergei Repetyuk, one of Russia's most important figures on the economy , said in his statement on the subject:
"I do not see any damage when these miners start working in Russia after China has shown the door to the miners, citing various reasons. We do not have any problems if we do it with certain rules, because we are the right place for this job. Even during peak periods of energy use, 40% of our power sources are idle. So I do not think there will be any problems with mining. "
Repetyuk's views were also supported by Evgeniy Itsakov , a professor of economics at a university in Russia . Speaking about the topic, Isakov said:
"Energy in the country is very cheap and demand is not too much. We have a very strong infrastructure in this regard. Crypto money mining is a sector in itself and will continue to live until a more effective and useful solution is found. However, the rules of the market must be well-defined and it is good to see their work. "
Will Russia Change Game With This Ham?
It is a well-known fact that bitcoin mining consumes a considerable amount of energy. Bitcoin consumed a full 40 TWh of electricity only by 2017 on its own . At the same time, for Ethereum transfers only the amount of energy consumed in December is 10 TWh. Currently , 80% of the world's mining operations are done by Chinese-based companies. The Chinese government, fearing that it could not provide energy for the public in large mining centers, is having problems with miners for this reason. The two local provinces of the country, Inner Mongolia and Xinjiang - Uighur , have been severely cut off from the energy given to the miners by the Chinese government.
The Russian government has really nothing to fear or fear about energy. Even at times when energy use in the country ceases; coal, nuclear energy and hydroelectric power plants, 40% of the Russian energy sources are idle . Total capacity is 236 ; Much more than the need of the country. The Russian authorities have already made this account. If a resource of 100 GW per year is transferred to the crypto money mining company , the amount of money entering the Russian economy from this created market will be exactly 30 billion dollars or 1.7 trillion rubles . Especially when trying to establish serious centers for the miners in the east of the country, Putin's representatives in that region Yuriy Trutnev is interested.Recent news reports indicate that Asia's migration has begun slowly. For miners who chose cold weather and cheap energy prices as the two most fundamental factors in determining new places, Russia's alternatives are Canada and Iceland. Especially the news that Canada's Quebec city started to become a new center for miners had found plenty of space at the beginning .Not only mining, but other issues related to cryptography in the country are also frequently discussed. In particular, while the legalization of krypto money is very busy with the agenda of the parliament, the Russian government is not as hot as the Venezuelan president Nicolas Maduro , a Russian-based cryptocurrency. The central bank is at the point of national crypt money, whereas it is against the traditional stock exchange of koine based companies. The Russian government is not expected to say a clear duel until the March elections are over with real ideas related to these issues. However, it is not wrong to say that the ideas on mining are positive.
Classification of cryptocurrencies always seems to be a challenging and however centre point for regulators. Recently, Chetan Phull, the Canadian Bar Association (CBA) called on parliament to legalize cryptocurrencies as ‘money’.
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