[2017-08-15] Russia Discusses Starting Cryptocurrency Mining With Its 20+ Gigawa

[ivanpoldark]

Russia Discusses Starting Cryptocurrency Mining With Its 20+ Gigawatt Surplus

Russia’s First Deputy Prime Minister Igor Shuvalov has revealed that discussions are underway regarding the creation of government centers for cryptocurrency mining, according to local publications. Meanwhile, a bill is being finalized to provide a legal framework for digital currency including bitcoin.

Government’s Cryptocurrency Mining Centers

The Russian First Deputy Prime Minister Igor Shuvalov, who is the most senior member of the cabinet besides the Prime Minister, reportedly said that his government is discussing the creation of government centers for mining cryptocurrency, RBC reported last week.

Shuvalov is responsible for the Russian federal budget and economic policies. Regarding cryptocurrency mining, “we talked about the future of this sector in Russia, given that it is developing so rapidly in the world,” he said. Among the discussions he mentioned was a question of which electricity generators exist that mining centers could be placed nearby. However, he noted that it is still a discussion with no concrete project yet, adding that:

     

  For such [cryptocurrency mining] centers to develop, it is necessary to prepare relevant legislation and its regulation.

According to Bitfury Group, Russia currently accounts for only 2% of the world’s mining capacities while China leads with 60%. The U.S. and Canada collectively hold the second largest market share with 16%, followed by Georgia at 6%, and by Europe at 5%. Bitfury was founded by Valery Vavilov, a Russian-speaking native of Latvia.

Read more
https://news.bitcoin.com/russia-discusses-starting-cryptocurrency-mining-with-its-20-gigawatt-surplus/

[Netnox]

Be careful when you use these sort of misleading headlines. The minister (Igor Shuvalov) never made any such statement and the Russian government remains openly hostile to the idea of Bitcoin. It was the idea of Bitfury founder Valery Vavilov to use the excess electricity generated in Russia to be used for setting up Bitcoin mining farms.

[ivanpoldark]

Be careful when you use these sort of misleading headlines. The minister (Igor Shuvalov) never made any such statement and the Russian government remains openly hostile to the idea of Bitcoin. It was the idea of Bitfury founder Valery Vavilov to use the excess electricity generated in Russia to be used for setting up Bitcoin mining farms.

Hm, maybe you are right, but that article was posted on bitcoin.com and the author is  Kevin Helms. He could use incorrect information in his article, but he is one of the most popular observers.

[Coin-Keeper]

The more countries mining the better as far as I am concerned.  By erecting these mining facilities Russia will want to then allow BTC, and its popularity, to circulate through their nation.  Frankly, I have nothing strictly against China, but other operators spread mining "horsepower",  thereby diminishing larger control from any one nation.  That seems to provide safety from my perspective.

[InvoKing]

Be careful when you use these sort of misleading headlines. The minister (Igor Shuvalov) never made any such statement and the Russian government remains openly hostile to the idea of Bitcoin. It was the idea of Bitfury founder Valery Vavilov to use the excess electricity generated in Russia to be used for setting up Bitcoin mining farms.

Russia...from banning bitcoin to mining it! Even if the title is misleading, I don't really appreciate the fact that the governments participate in the bitcoin system, they only have to allow it and facilitate its usage in the daily life! That's all.

[veleten]

once again misleading articles about Russia and bitcoin
the previous one was about RMC,new coin and they went into lengths attributing it to Putin itself
now this one,Shuvalov has never said anything like that,Russia doesn't have any legal bills regarding bitcoin
nor it will run state sponsored mining centres,seriously,check your facts before writing an article

[bitfish]

Rabotnik miners, dawei, dawei!

RMC Website (english): http://rmc.one/en.php   
Telegram: https://web.telegram.org/#/im?p=@RMC_ENG

[Vishnu.Reang]

once again misleading articles about Russia and bitcoin
the previous one was about RMC,new coin and they went into lengths attributing it to Putin itself
now this one,Shuvalov has never said anything like that,Russia doesn't have any legal bills regarding bitcoin
nor it will run state sponsored mining centres,seriously,check your facts before writing an article

These news sites will post just about anything to attract attention. It is just foolish to assume that Shuvalov would mention about Bitcoin mining, when the Russian Central Bank remains opposed to Bitcoins.

[Kemarit]

I'm still not buying it unless I really saw some big mining farms fully operational and really mining bitcoin. Russia has really making this sorts of announcement then contradict it later. So I still take this kind of news with a bag of salt. Russia government will not allow this, and I think the surplus electricity could be channel to a better opportunity like opening a lot of factories that will give jobs to ordinary citizens.

These news sites will post just about anything to attract attention. It is just foolish to assume that Shuvalov would mention about Bitcoin mining, when the Russian Central Bank remains opposed to Bitcoins.

More clicks more revenue for them. I just hope that those news articles could come up with better sources and we are already wise for this kind of news and would not assume that everything that put up is true. Everyone now is riding the coattails of crypto's specially bitcoin. I agree with you, I still believed that Russia is anti-bitcoin.

[TraderTimm]

Bitcoin.com is a Roger Ver owned domain that pumps out endless bullshit under the pretense of "news".

Its no better than a PR-Newswire release, where they post anything you pay them for.

[SvenBomvolen]

Igor Shuvalov is famous person in Russian economy. But I just don't get the idea of this mining centers. Which currencies do they plan to mine? Each one or the most popular only? But the popularity is changing - one day one currency on the top another day another. Ok, this point can be regulate by the strategy which can be change in time. Just explain me what for they are doing that? To be the first country who create something like this or to give some working places for nerds from over the country?