Amid China’s cryptocurrency mining crackdown, a major cryptocurrency and blockchain group in Russia is launching an initiative to attract worldwide crypto mining companies to the country.
The Russian Association of Cryptoeconomics, Artificial Intelligence, and Blockchain, or RACIB, has launched a project to move worldwide system resources for crypto mining to the Russian Federation. A spokesman for RACIB informed Cointelegraph that further details about the initiative would be published later.
Environmental concerns are a driving factor behind China’s crackdown on crypto mining, and RACIB believes Russia offers a solution. Environmentally friendly hydro and nuclear energy sources provide for around 40% of the nation’s energy supply.
In terms of Cryptocurrency, Russia’s role in the movement of miners from China could result in a more decentralized network format of the major digital currency and help avoid another concentration of mining resources in one location, this time North America.
Russia is not the only country giving Chinese miners its energy capacity to establish itself as a key participant in the sector. Miami Mayor Francis Suarez officially urged Chinese crypto mining businesses to explore installing data centers in the area in June, amid Chinese miner surrender.
On the other hand, Chinese miners are already on the move, and Russia should act quickly if it wants to entice any of them to come to its borders. Others, such as Kazakhstan, a former Soviet republic and part of Russia’s-led Eurasian Economic Union, have seized the opportunity.