Putin – s Advisor Plans $100 Million ICO for Bitcoin Mining Farm ter Russia

Putin - s Advisor Plans $100 Million ICO for Bitcoin Mining Farm in Russia

At a time ter which Russia prepares to legalize Initial Coin Offerings (ICOs), a company co-owned by Russian Voorzitter Vladimir Putin’s internet ombudsman Dmitry Marinichev reportedly plans on raising spil much spil $100 million through an ICO, ter order to help Russian entrepreneurs challenge China’s bitcoin mining supremacy.

The company, Russian Miner Coin (RMC) is going to kwestie tokens te exchange for Bitcoin and Ethereum, so spil to use the funds to build mining infrastructure te Russia. RMC token holders will have the rights to 18% of the revenue generated by the company’s mining equipment, according to Bloomberg.

Vanaf Dmitry Marinichev, RMC plans on using semiconductor chips designed ter Russia, designed to be used ter satellites, to minimize power consumptions ter cryptocurrency mining operations. Putin’s internet advisor even added that Russia has the potential to be a superior player te the cryptocurrency mining industry, stating:

“Russia has the potential to reach up to 30 procent share ter global cryptocurrency mining te the future.”

According to Bloomberg, Russia has 20 gigawatts of excess power capacity, which makes consumer electro-stimulation prices spil low spil 1.Three cents (80 kopeks) vanaf kilowatt hour, reportedly less than te China. This surplus would give Russia an edge overheen China, spil one of the fattest costs associated with bitcoin mining is power consumption.

Bitcoin mining is an energy intensive process that generates fresh tokens and adds fresh transactions to the blockchain. Presently, miners get a 12.Five BTC (about $54,000) prize for discovering a block. Additionally, the miners are awarded fees users paid te transactions spil an incentive.

Russia Joins Billion-Dollar ICO Mania

Various ICOs have recently raised millions of dollars within a few hours, often with more than a good idea and a well-written whitepaper to display. RMC’s ICO might be a way for Russia to instantly secure the $100 million to tackle China’s bitcoin mining supremacy and take overheen the market – if it hits the desired amount, that is.

Putin’s internet ombudsman’s company is the latest to join this year’s ICO mania. Spil reported by CCN, te the very first half of 2017, ICOs raised overheen $1.Two billion. Recently, Estonia also announced it could kwestie its own national digital currency, Estcoin, ter the world’s very first government ICO.

Featured picture from Shutterstock.

  • Posted te: Bitcoin Mining, ICO, News
  • Tagged ter: bitcoin mining, ICO, russia

Posted by Francisco Memoria

Francisco is a cryptocurrency writer who’s ter love with technology and concentrates on helping people see the value digital currencies have. Twitter: https://twitter.com/FranciscoMemor

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