Russian Government Plans to Subsidize Bitcoin Mining Electrical Cost

September 12, 2017
83 Views

Russia intends to subsidize the cost of electricity for cryptocurrency miners

Russian newspaper Izvestiya has reported that the Russian government intends to subsidize the cost of electricity for cryptocurrency miners.

The report indicates that the Russian government, through the Institute for Internet Development (IRI) and the Russian Association of Blockchain and Cryptocurrency (RABIK), have laid out plans to make electricity costs lower for Russian Bitcoin miners.

While the report does not give location specifics, it does explain that the cost of mining in Russia is high even though Russia has a substantial electricity oversupply. The report states:

“The largest cryptocurrency farm in Russia consumes in aggregate 4.5 mWh, or 3240 mW per month. The cost of 1 kWh depending on the region is from 2 rubles to 5.3 rubles. In addition to the legalization of cryptocurrency in Russia, it is necessary to create the most favorable conditions for the work of miners.”

The report shows Russia’s continued dedication to cryptocurrencies and Blockchain technology, in spite of recent statements that cryptocurrencies are not for ordinary  people.

You may be interested

The Legal Risk to ICOs That No One’s Talking About
Crypto News
5 views
Crypto News
5 views

The Legal Risk to ICOs That No One’s Talking About

btcethereumadmin - February 22, 2018

Jared Marx is an attorney at the Washington, D.C. law firm Harris, Wiltshire & Grannis. He represents companies and individuals…

66% of Funding to Stop the AI Apocalypse Comes from Crypto Donors
Crypto News
10 views
Crypto News
10 views

66% of Funding to Stop the AI Apocalypse Comes from Crypto Donors

btcethereumadmin - February 22, 2018

Have you ever suffered from existential dread about what will happen when the smart contracts will be smarter than you?…

Bitcoin Skeptic Dennis Gartman Duped by Dubious Blockchain Investment
Blockchain
9 views
Blockchain
9 views

Bitcoin Skeptic Dennis Gartman Duped by Dubious Blockchain Investment

btcethereumadmin - February 22, 2018

‘Commodities King’ Dennis Gartman has been left with a red face and diminished pension fund after investing in a dubious…

Leave a Comment

Your email address will not be published.