Russia paving way for its own crypto mining pools
According to a report by Prime, the Russian crypto sector is expanding and expanding at a fast rate. The number of businesses operating in the crypto mining space has gone up phenomenally and it is slowly turning Russia into a preferred mining destination.
The Russian Association of Cryptoindustry and Blockchain (RACIB)is working on two projects to create mining pools offering better conditions to the local mining companies. The industry has seen robust growth with 75,000 enterprises currently operating in the field.
The main reason for this growth has been the availability of cheap energy in Russia. Russia has some of the lowest electricity rates in the world and they’ve decreased further in the past months – from 7 rubles per kilowatt at the end of last year to 4 rubles now, and in some regions as little as 2.5 rubles (less than $0.04 USD).
Authorities preparing to adopt new crypto regulations
Russian authorities are preparing to adopt the long-awaited crypto regulations. The revamped legislation will be presented for public discussions in October, before lawmakers in the State Duma accept it for the second reading and final approval.
The report also points out that most Russian officials and regulators favor crypto mining but are less in favour to accept the legalization of cryptocurrencies.
Arseniy Shcheltsin, Director of the Russian Association of Cryptoindustry and Blockchain (RACIB), in an interview to Prime pointed out that he is confident that the demand for mining pools in Russia will increase. He also points out that Russian pools will offer more favorable conditions to local miners in comparison with foreign pools, which often take up to 20 percent of the hashing power of the participants.
RACIB also plans to facilitate the “full legalization” of the mining business. This month RACIB will present a proposal to introduce a certification regime for crypto miners. The documents and standards are currently being prepared in cooperation with representatives of the industry.
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