Topic: Putin's Aide Seeks $100 Million to Rival China in Bitcoin Mining - page 3. (Read 1672 times)
August 09, 2017, 07:06:07 AM
Russia is at a disadvantage in crypto-coin mining, at least when compared to China. Most of the mining rig companies manufacture and assemble their equipment in China and therefore the capital costs are lower for the Chinese miners.
August 09, 2017, 07:02:06 AM
“Russia has the potential to reach up to 30 percent share in global cryptocurrency mining in the future,"
30% of a $100B market with $100M. They could only dream of.
At least they have cheap electricity. As a close to the government they can eve transfer the electricity cost "to the people". But it's a smart way to get USD instead of RUB.
30% of a $100B market with $100M. They could only dream of.
At least they have cheap electricity. As a close to the government they can eve transfer the electricity cost "to the people". But it's a smart way to get USD instead of RUB.
August 09, 2017, 06:45:50 AM
i also think russian involve in this crypto world to stop china from dominating, rusia also strong country. i like this competitions, it makes crypto live..
August 09, 2017, 06:41:16 AM
I wonder what prompted the u-turn by Russia. They have gone from banning bitcoin outright to wanting to be an industry leader.
Europe imposing economic sanctions against russia 3-4 years ago may have prompted it. The latest series of economic sanctions against russia by the united states is more of the same. De-dollarization policies by russia and other nations could also be a motive. With the united states being $20 trillion in debt there are concerns over the us dollar becoming devalued/hyperinflated if america defaults on its debt.
Also after the economic crisis of 2008, bankers meddled heavily in the affairs of nations. It was bad enough that some countries like iceland and hungary banned those representing central banks from operating in their country & imprisoned other bankers who they held responsible for playing a role in causing the crisis. That movement could be one reason why russia and other nations embrace bitcoin as it could allow them to escape political meddling by bankers and the monopoly bankers have over many economies, etc.
August 09, 2017, 05:34:52 AM
This is one of the ways to fight the American financial system. USA wants to partially de legalize crypto (only licensed entities will be able to trade it).
August 09, 2017, 05:20:43 AM
Russia is a country with so much power. Vladimir Putin may be a guy that doesn't obey anyone, but in terms of trying to be in the top tier of everything he is always there. I don't doubt this RMC tokens get a great value, because they have plans on how to develop them. It will be interesting as to how China will cope with this. They will surely try to do something new also.
August 09, 2017, 05:11:40 AM
A very good decision but we don't want from Russia to control either, we don't want from anyone to control. If only more countries take the same actions, that will make the network more powerful and decentralized then ever and this is valid for exchanges as well.
August 09, 2017, 05:05:47 AM
I wonder what prompted the u-turn by Russia. They have gone from banning bitcoin outright to wanting to be an industry leader. Remarkable turnaround from them, not that I am complaining. It will help bitcoin and crypto currencies a lot.
August 09, 2017, 04:59:03 AM
need Russia to stop the chinese dominance in mining. sick of the chinese miners and their control
August 09, 2017, 04:32:58 AM
I wish I live in Russia. Love Putin 
Russia will dominate crypto currency world sooner or later.
Russia will dominate crypto currency world sooner or later.
August 09, 2017, 03:34:01 AM
Quote
A company co-owned by one of President Vladimir Putin’s internet advisers plans to raise the cryptocurrency equivalent of as much as $100 million in a push to help Russian entrepreneurs challenge China in bitcoin mining.
Russian Miner Coin is holding a so-called initial coin offering, where investors will use units of ethereum or bitcoin to buy new RMC tokens. These new tokens will have rights to 18 percent of the revenue earned with the company’s mining equipment, according to a presentation posted on its website.
RMC plans to use semiconductor chips designed in Russia for use in satellites to minimize power consumption in computers for crypto-mining, Putin’s internet ombudsman, Dmitry Marinichev, said at at a news conference in Moscow.
“Russia has the potential to reach up to 30 percent share in global cryptocurrency mining in the future," Marinichev said, adding that $10 million from the proceeds of the ICO may be spent developing the processors.
More and more startups are offering tokens as a way to raise money upfront for digital assets in ICOs. Unlike a traditional IPO in which buyers get shares, a startup’s ICO nets you virtual tokens unique to the issuing company or network that grow in value only if the business proves viable.
The U.S. Securities and Exchange Commission last month warned that ICOs may be considered securities and signaled greater scrutiny of the sector, though it stopped short of suggesting a broader clampdown.
Today’s bitcoin mining requires special computers based on chips with minimized power consumption. China’s Bitmain Technologies Ltd. is one of the leading producers of such equipment and also runs Antpool, a processing pool that combines individual miners from China and other countries. Rival Bitfury Group, founded by Valery Vavilov, a Russian-speaking native of Latvia, produces equipment for mining virtual currencies and runs large-scale centers in Georgia and Iceland.
Russia has 20 gigawatts of excess power capacity, with consumer electricity prices as low as 80 kopeks (1.3 cents) per kilowatt hour, which is less than in China, RMC said in the presentation. The company initially plans to locate mining computers based on Bitfury chips in individual Russian households to challenge Bitmain by using Russia’s lower power prices.
https://www.bloomberg.com/news/articles/2017-08-08/putin-s-aide-seeks-100-million-to-rival-china-in-bitcoin-mining
Russian Miner Coin is holding a so-called initial coin offering, where investors will use units of ethereum or bitcoin to buy new RMC tokens. These new tokens will have rights to 18 percent of the revenue earned with the company’s mining equipment, according to a presentation posted on its website.
RMC plans to use semiconductor chips designed in Russia for use in satellites to minimize power consumption in computers for crypto-mining, Putin’s internet ombudsman, Dmitry Marinichev, said at at a news conference in Moscow.
“Russia has the potential to reach up to 30 percent share in global cryptocurrency mining in the future," Marinichev said, adding that $10 million from the proceeds of the ICO may be spent developing the processors.
More and more startups are offering tokens as a way to raise money upfront for digital assets in ICOs. Unlike a traditional IPO in which buyers get shares, a startup’s ICO nets you virtual tokens unique to the issuing company or network that grow in value only if the business proves viable.
The U.S. Securities and Exchange Commission last month warned that ICOs may be considered securities and signaled greater scrutiny of the sector, though it stopped short of suggesting a broader clampdown.
Today’s bitcoin mining requires special computers based on chips with minimized power consumption. China’s Bitmain Technologies Ltd. is one of the leading producers of such equipment and also runs Antpool, a processing pool that combines individual miners from China and other countries. Rival Bitfury Group, founded by Valery Vavilov, a Russian-speaking native of Latvia, produces equipment for mining virtual currencies and runs large-scale centers in Georgia and Iceland.
Russia has 20 gigawatts of excess power capacity, with consumer electricity prices as low as 80 kopeks (1.3 cents) per kilowatt hour, which is less than in China, RMC said in the presentation. The company initially plans to locate mining computers based on Bitfury chips in individual Russian households to challenge Bitmain by using Russia’s lower power prices.
https://www.bloomberg.com/news/articles/2017-08-08/putin-s-aide-seeks-100-million-to-rival-china-in-bitcoin-mining
Tried to bold the most relevent parts.
Good news for those favoring a decentralized btc mining paradigm. Miners becoming more decentralized could reduce probability of hard forks in the future. This could translate to diminished volatility. Much of bitcoin's negative volatility has been due to uncertainty, fear and sell offs derived from hard fork worst case scenarios. If japan, australia and other nations invest in mining operations that could further decentralize crypto mining which would parallel Satoshi's vision for btc not being centralized within national abstractions.
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