A program has been launched in Russia for the purposes of creating a healthy and friendly business environment for inviting crypto miners as for the past six months majority of crypto mining farms are growing in the Eurasian Economic region, particularly in Kazakhstan. Though Russia is offering energy sources at cheap rates, yet miners’ interests are inclined more towards Kazakhstan instead of Russia.
Since the time when Chain started to shut down domestic mining farms, the miners have been leaving the country. For the purposes of re-settling in another location, they are looking the next destinations in the Eurasian region. However, according to statistics most of the miners have been settling in Kazakhstan. But Russia too is interested in providing farming facilities within its territorial boundaries. Apparently, Kazakhstan has become a business rival of Russia and the competition has been taken very seriously in Moscow.
Russia has been providing miners to establish their facilities adjacent to and within the nuclear plants. This is a good idea as the miners would very much like to utilize uninterrupted energy. However, by doing so, Russia is still unable to entice the majority of miners to come into Russia and establish their mining facilities. Only a handful of the miners have been convinced by the Russian Government and that too after holding several meetings. In fact, the Government in Russia has also confirmed that it will provide electricity to miners at cheaper rates. On the other hand, Kazakhstan hasn’t done anything to invite crypto miners. As a matter of fact, the miners themselves have been moving into the country.
In an effort to make sure that Russia takes on the competition, the Russian Government has launched a new program. The objective of the program is to make sure that the miners’ preferred destination should be Russia and not Kazakhstan. The project has been launched by the Russian Association of Crypto Industry and Blockchain.
Russian Crypto and Blockchain Association has also made an official statement in which it was indirectly communicating with crypto miners. The statement suggested that Russia is currently in the top five countries of the world which is self-sufficient in electricity production. In addition, the country is also best known for providing electricity at alarmingly low prices. The Russian Association further stated that cold climates are usually benefitting the production of electricity. This means that as compared with hot-climate countries, the power consumption in Russia is incredibly low.
As per the Association, Russia has a conducive environment and conditions best suited for the needs of crypto miners. Even the Russian Government’s stance towards the crypto industry is relatively friendly as compared with other countries of the world, claimed Association.
So the Russian Government has offered an open invitation for miners/investors to come into the country and avail the opportunities.