Topic: 40 Companies From China and EU Have Applied to Mine Bitcoin in Russia (Read 258 times)

Considering how cheap the electricity is in Russia, you would still be making a profit after paying the tax (I think that the tax is around 13% of the total profits). In Russia, they generate most of the electricity from the gigantic hydro-powerplants (such as the one in Angara River), nuclear power-plants and thermal power-plants. No trouble with the environmentalists, and therefore the electricity is quite cheap.

If enterprises from China and the European Union will produce bitcoin in Russia, it will be beneficial for everyone. In particular, Russia may slightly soften its attitude towards bitcoin. Until now, there are conflicting information about the legalization of the crypto currency.

I read this too a while ago at bitcoinnews. I think the fact that they have the intention to mine btc would put more value for btc.

Companies from China and the European Union have applied to start mining operations in Russia. The country already has “hundreds” of cryptocurrency mining factories but still has free energy capacity for foreign companies to set up mining farms.

The Russian Association of Blockchain and Cryptocurrency (RACIB) has reportedly received 40 applications from companies and individuals from European Union countries and China to place mining equipment in Russia to mine bitcoin. This was conveyed to Ria Novosti by the association’s president Yuri Pripachkin last week.

The publication then quoted him saying:
"In Russia, the number of such factories is already in the hundreds, and our country has energy resources that can be sold to miners effectively."

"In fact, this is a new market for energy companies, and it is important to prepare a legislative basis, and possible preferential taxation for such foreign investors."

"When considering the current free capacity of Russian energy companies of about 100 GW, the attracted investments into the economy will be about 1.7 trillion rubles a year."

Source: https://news.bitcoin.com/companies-china-eu-mine-bitcoin-russia/

What do you think about this companies that plans to setup Bitcoin mining in Russia? Will they make any profit on mining Bitcoin if they have a tax to pay?

IMO if they really plans to mine Bitcoin then BCH will soon be dead. Russia already said last month that they will tax cryptocurrency mining but it sucks that companies need to apply and pay taxes for them to start mining Bitcoins while in other countries you're free to mine whenever you want.