Putin's Aide Seeks $100 Million to Rival China in Bitcoin Mining

[IIOII]

I wish I live in Russia. Love Putin

Russia will dominate crypto currency world sooner or later.

The best thing about russians is that they are so open minded and they are giving every shot in every new technology. I've read about a news on how putin banned the rothschilds banking cartel in the russian grounds. Its not good to know that our country is having the hard time believing what is cryptocurrencies. Those who pioneered it earlier will have the success and I think our country will be behind in these field again. While praising how good the current system is someone is busy improving and implementing beyond what the present system can offer.

It definitely is an opportunity. Those countries that realize this early, will profit greatly from it.

When it comes to Russia, mining Bitcoin and promoting its use makes a lot of sense, given their long-term goal to get rid of the USD as a world reserve currency.

In my view, Russians overall are though, a bit crazy, but clearly intelligent. So I'm not surprised if they are among the first movers.

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[rjbtc2017]

A company co-owned by one of President Vladimir Putin’s internet advisers plans to raise the cryptocurrency equivalent of as much as $100 million in a push to help Russian entrepreneurs challenge China in bitcoin mining.

Russian Miner Coin is holding a so-called initial coin offering, where investors will use units of ethereum or bitcoin to buy new RMC tokens. These new tokens will have rights to 18 percent of the revenue earned with the company’s mining equipment, according to a presentation posted on its website.

RMC plans to use semiconductor chips designed in Russia for use in satellites to minimize power consumption in computers for crypto-mining, Putin’s internet ombudsman, Dmitry Marinichev, said at at a news conference in Moscow.

“Russia has the potential to reach up to 30 percent share in global cryptocurrency mining in the future," Marinichev said, adding that $10 million from the proceeds of the ICO may be spent developing the processors.

More and more startups are offering tokens as a way to raise money upfront for digital assets in ICOs. Unlike a traditional IPO in which buyers get shares, a startup’s ICO nets you virtual tokens unique to the issuing company or network that grow in value only if the business proves viable.

The U.S. Securities and Exchange Commission last month warned that ICOs may be considered securities and signaled greater scrutiny of the sector, though it stopped short of suggesting a broader clampdown.

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.

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

Tried to bold the most relevent parts.

Good news for those favoring a decentralized btc mining paradigm. Miners becoming more decentralized could reduce probability of hard forks in the future. This could translate to diminished volatility. Much of bitcoin's negative volatility has been due to uncertainty, fear and sell offs derived from hard fork worst case scenarios. If japan, australia and other nations invest in mining operations that could further decentralize crypto mining which would parallel Satoshi's vision for btc not being centralized within national abstractions.

This is something new, Putin is really smart, why not use their excess electricity for profit? This is really a good bews i just hope it will push through and wih that itwill happen sooner or later.  I will surely participate in Ico.
Their excess electricity ewill surely put in good work!.

[Iktis]

So you are saying Russia is holding officially an ICO ? That is FUCKING TRULY AWESOME ! Why is everyone talking about gay NEO and not this ?

[Basmic]

I wish I live in Russia. Love Putin

Russia will dominate crypto currency world sooner or later.

The best thing about russians is that they are so open minded and they are giving every shot in every new technology. I've read about a news on how putin banned the rothschilds banking cartel in the russian grounds. Its not good to know that our country is having the hard time believing what is cryptocurrencies. Those who pioneered it earlier will have the success and I think our country will be behind in these field again. While praising how good the current system is someone is busy improving and implementing beyond what the present system can offer.

It definitely is an opportunity. Those countries that realize this early, will profit greatly from it.

When it comes to Russia, mining Bitcoin and promoting its use makes a lot of sense, given their long-term goal to get rid of the USD as a world reserve currency.

In my view, Russians overall are though, a bit crazy, but clearly intelligent. So I'm not surprised if they are among the first movers.

The promoters were Chinese. Russians have long been engaged in mining. Perhaps a huge farm that's saving their money for Putin's entourage. Their savings in the West are constantly under sanctions and frozen. For the Russian economy, mining will give nothing.

[olushakes]

I would be careful in participating in this kind of ICOs because for it to gather 100million$ then news of it will abound which might mean unnecessary exposure to people in the crypto world in which I am not ready to for the exposure just yet. Aside that, I see a lot of legal issues concerning this coming from the top echelon of government and the Russian federation is yet to take a definite stand on the issue of crypto currency.

[Eron]

So where can we invest in this ICO ??

[BluRPie]

So where can we invest in this ICO ??

I think that this ICO not for all. Close number of people could invest and minimal amount is very high!

[fasdorcas]

I wish I live in Russia. Love Putin

Russia will dominate crypto currency world sooner or later.

The best thing about russians is that they are so open minded and they are giving every shot in every new technology. I've read about a news on how putin banned the rothschilds banking cartel in the russian grounds. Its not good to know that our country is having the hard time believing what is cryptocurrencies. Those who pioneered it earlier will have the success and I think our country will be behind in these field again. While praising how good the current system is someone is busy improving and implementing beyond what the present system can offer.

It definitely is an opportunity. Those countries that realize this early, will profit greatly from it.

When it comes to Russia, mining Bitcoin and promoting its use makes a lot of sense, given their long-term goal to get rid of the USD as a world reserve currency.

In my view, Russians overall are though, a bit crazy, but clearly intelligent. So I'm not surprised if they are among the first movers.

Quite a good move by Putin. Watch and see Russian entrepreneurs skyrocket if this works out to be a success. Would be really nice for them. Entrepreneurs are one of the people that can make a change in a country, and I wish my own country is taking such move.

[spartakkus]

Hi everyone. Now that ICO has started, has anybody invested on it? Minimum seems about 400$. Looks promising but have serious doubts about it. No official ICO bitcointalk thread either, and this one lacks of entries since several days.

[swissguy]

china has taken lot more steps ahead as compare to any other countries in making bitcoins legal and due to that bitcoin mining in china is growing rapidly.

[JohnGPowell]

Bitcoin uses it personally or allows it to be exploited since the release of currency and currency representations prohibited by Russian law, and much more if Bitcoin is treated as a currency. They will need to pass a special Bitcoin law to address that problem, but nothing has been done so far.
I do not think anyone will be prosecuted for that (which I have said for many years), but they will have to accept a special Bitcoin-related law to circumvent this rule if they legalize Bitcoin. . About Btc-e and its legally operating in Russia. I do not believe anything any political person says, especially for Bitcoin and other passwords (Putin includes but is not limited to). As one of Russia's newest proverbs, men say men did two different men (actions speak louder than words). You probably do not closely watch Bitcoin-related events in Russia, but just a few days before the Russian court made a decision to ban certain things like 40 Bitcoin exchanges operating in Russia (funny ).
Russian Miner Coin and they will sponsor it as long as they can. And with the bitcoin mining also to overtake China but China will not easily be defeated as China will do anything to make profit.
Today's bitcoin exploiters require a special computer chip based on minimum energy consumption. China's Bitmain Technologies is one of the leading manufacturers of this equipment and can also operate Antpool, a pool of individual miners from China and other countries. Opponent Bitfury Group, founded by Valery Vavilov, a Latvian-born Latvian, produces virtual currency mining equipment and runs large-scale centers in Georgia and Iceland.
China in the field of mining, I guess it would not be a country that has close ties with the united states or with the central bank. Russia announced plans to enter the bitcoin mining market could be made in retaliation for the latest US economic sanctions. To a certain extent, Russia can realize that the United States does not want anyone threatening China's mining operations.
If anything, Russia will leave the international payment system controlled by Washington, DC, so your whole hypothesis is unprotected. To put it simply, you have to face the truth even if you do not like it
thank you