An industry association representing the Russian crypto sector has launched a project to entice bitcoin miners. Despite its abundant sources of cheap energy, Russia is now lagging behind Kazakhstan, another Eurasian Economic Union member, in terms of cryptocurrency production.

Russian Project Aims to Expand Country’s Crypto Mining Capacity

The Russian Association of Crypto Industry and Blockchain (Racib) has unveiled a project to bring a larger portion of the global computing potential engaged in cryptocurrency mining to Russia. The Russian Federation, Racib noted in an announcement, ranks among the top five nations by total electricity production. What’s more, the country’s energy system features unique characteristics that can benefit enterprises involved in the minting of digital coins.

Russian Crypto Industry Scrambles to Attract Miners as Kazakhstan Overtakes Russia in Mining Volume

Racib has listed a number of them, including the large surplus of power-generating capacity which reaches 50% in certain regions. The colder…

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