[2017-09-09] Russia Reportedly Making Plans to Subsidize Domestic Crypto Mining

[Chase]

Russia Reportedly Making Plans to Subsidize Domestic Crypto Mining

Russia’s complex relationship with digital currency took another interesting turn this week, as news reports suggest that the government is preparing to provide electricity subsidies to its domestic Bitcoin miners. The Russian news outlet Izvestiya broke the story, as Institute for Internet Development (IRI) project activities director Arseny Shcheltsin reportedly confirmed that authorities are creating a test program to provide the country's digital currency miners with discounted electricity.

Full brief:  https://dcebrief.com/russia-reportedly-making-plans-to-subsidize-domestic-crypto-mining/

[greeklogos]

Russia Reportedly Making Plans to Subsidize Domestic Crypto Mining

Russia’s complex relationship with digital currency took another interesting turn this week, as news reports suggest that the government is preparing to provide electricity subsidies to its domestic Bitcoin miners. The Russian news outlet Izvestiya broke the story, as Institute for Internet Development (IRI) project activities director Arseny Shcheltsin reportedly confirmed that authorities are creating a test program to provide the country's digital currency miners with discounted electricity.

Full brief:  https://dcebrief.com/russia-reportedly-making-plans-to-subsidize-domestic-crypto-mining/

Interesting. It over than 15 mln of bitcoin have mined already and as we all know the limit point is going to be 21 mln. So I'm asking do they going to concentrate only on bitcoin mining which is going to be over in few years or some other crypto as well? But the idea is great.

[wmabern]

Interesting. It over than 15 mln of bitcoin have mined already and as we all know the limit point is going to be 21 mln. So I'm asking do they going to concentrate only on bitcoin mining which is going to be over in few years or some other crypto as well? But the idea is great.

I don't think you fully understand all the facets of Bitcoin and mining. (Not that I understand it all either...)

Anyway, Bitcoin mining will NOT be over after all the coins are mined. The Bitcoin network will still need miners to confirm and process transactions. The miner's payout then will consist of transaction fees. Without the miners, Bitcoin could not function as a payment form since there would be no way to process transactions.

That is my understanding anyway. If I'm wrong I'm sure someone will correct me. 

[peter0425]

LOL. I really take this news with a grain of salt. Russian will not accept crypto's, specially if Putin is still around. They hate crypto because they can't have total control of it. Why would a authoritarian government, would allow it? It doesn't make sense to me. Unless we really see some progress they have started to purchase mining hardware or have picture that they have established like mining farms, I wouldn't take the news coming from them seriously. Personally, I believed that this mining farms or suddenly them fell in love with crypto is just rubbish to me. Sorry to tell.