[BREAKING NEWS]: Putin getting ready to kick Bitmain's ass

[ivrynx]

I think russia finally made a move to show how dominant it can be, we all know that the chinese invested a fortune on miners, but this news, i think it will show the world how russia can be dominant not just as a superpower country that has weapons of mass destruction, but also a a technological giant. with this russia , in future time will surely change the course of power from west to east, since we all know that bitcoin is the future of currency,and having a lot of bitcoin then, means you are in charge. this move will also bring more confidence in russia and sooner or later it will destroy the petrodollar, i guess, putin might be thinking that since bitcoin is the future, they can lead us all, along with other countries that had legalized bitcoin and are still mining, in the end the one who still has more bitcoins will make the rules.  hopefully this will have a positive feedback from those who had bashed bitcoin before, not only that bitcoin has a lot of users, now bitcoin is backed up by superpowers, hopefully this decision of russia will change the mind of china from banning bitcoin and in the end, everybody will help in achieving their goals, and i think it is safe to say that one of those goals is to have bitcoin be legalize globally.

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[clickerz]

I think Russia is setting up a cryptomining facility in Leningrad. Russia is serious in pushing  crytocurrency projects and this is good to most people.This is a bold move from Russian government.

[rjbtc2017]

https://www.bloomberg.com/news/articles/2017-08-08/putin-s-aide-seeks-100-million-to-rival-china-in-bitcoin-mining

   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.

Now this is getting interesting. And when Russia joins the mining ecosystem, you know that the US is not simply going to sit back and relax. They will jump in too eventually.
The Chinese mining monopoly has it's days countered. It's time to fire Jihan.

I smell WAR ON MINING! Let it push through! And I hope china will just get out of this war mining since they choose to close these exchanges.I I am not saying that i believe that they have hidden agenda but it looks like they do have a hidden agenda on this, Government will not just push through on entering such fields without gaining benefits from it. I think Russia really saw a bright future on cryptocurrency.

[Ucy]

Now this is getting interesting. And when Russia joins the mining ecosystem, you know that the US is not simply going to sit back and relax. They will jump in too eventually.
The Chinese mining monopoly has it's days countered. It's time to fire Jihan.

Or the US will declare prosecutorial jurisdiction over Russia and seize every Russian home computer under the the explanation of: suspected financial involvement with Russian spy organization....because anything Russian is considered "covert" and having "malintent" and "egregious to the US" and "something the US would never engage in."

It would be nice for multiple countries to provide ideal and competitive conditions for bitcoin mining...it shouldn't be monopolized in China because they can produce the cheapest cost of energy.

Regardless, what's the difference between a Chinese mining monopoly and a Russian mining monopoly except for whether you have a personal vendetta against the Chinese ones?

It's not a monopoly when two strong entities exist at the same time...it's called duopoly...and when they're not working together it's called competition. And competition is good for all of us.

Lol how's the US going to seize inside Russian citizen homes? they can't do shit if Putin decides he wants to mine BTC. Putin has nukes, US know where the limits are.
You mean seizing Russian citizens living in US that are mining BTC?

If BTC survives long enough, then big state actors will either attack it or will compete to dominate it, and when one begins then the rest will follow, this in principle is good because different big actors will be competing for hashrate, it only legitimizes Bitcoin even more as something important.

Just wait until AMD, Nvidia and Intel enter the mining game, the cheap chinese stuff may not cut it in the future, but they will always have the cheap electricity advantage so im not sure how they will go around that.

This will likely not going to happen. I don't want say why it won't but I can guarantee you that CRYPTOCURRENCY cannot be taken over by Centralized authorities.