Russia is turning the nuclear power plant into mining field.

[torukmakto]

Russia is Trying to Build a Major Bitcoin Mining Industry to Compete With China.

https://bitconnect.co/bitcoin-news/735/russia-is-trying-to-build-a-major-bitcoin-mining-industry-to-compete-with-china

[Hydrogen]

OP's article:

Russia is Trying to Build a Major Bitcoin Mining Industry to Compete With China

Alexander Drozdenko, the governor of the Russian Leningrad region, has encouraged bitcoin miners to create, develop and deploy mining centers in Leningrad at the third annual Energy of Opportunities conference.

Local news publications including 47News reported:

“Production sites that are being released during the construction of new power units of the Leningrad nuclear power plant will be available for new residents as early as 2018.”

Earlier this year, several trusted sources including Bloomberg revealed that Russian President Vladimir Putin’s Internet advisor has been planning to launch an initial coin offering (ICO) campaign for a project called Russian Miner Coin (RMC) with a long-term vision of competing with the Chinese bitcoin mining industry and large-scale bitcoin mining equipment manufacturers such as Bitmain.

At a news conference, Putin’s aide Dmitry Marinichev announced his plans to raise over $100 million to establish a bitcoin mining center and a manufacturing line to produce ASIC miners. He stated:

“Russia has the potential to reach up to 30 percent share in global cryptocurrency mining in the future.”

Marinichev further emphasized the importance of Russia’s cheap electricity and explained that with lower costs, Russian mining centers would be able to compete with key players in the global bitcoin mining industry like Bitmain.

However, analysts remained skeptical regards to the model of RMC and the vision of Marinichev as Bitmain has recently raised $50 million from leading venture capital firms IDG and Sequoia. In an interview with Bloomberg, Bitmain representatives revealed that the company is valued at several billion dollars, which if true, would make Bitmain the most valuable company in the global bitcoin industry ahead of Coinbase.

It will be a challenge both financially and technologically for new companies like RMC to compete with Bitmain even with massive capital because Bitmain has remained as the leading bitcoin mining equipment manufacturer in the global mining market for the past three years and to create a replica of a mining equipment manufacturing line would require hundreds of millions of dollars.

But, RMC and the Russian mining industry could compete with China if the Chinese government decides to heavily regulate and restrict the bitcoin mining industry. Although key figures such as Bitmain co-founder Jihan Wu have noted in the past that a ban on bitcoin mining in China is highly unlikely, recent reports suggest the Chinese government is actively considering the potential of restricting its bitcoin mining sector.

If China does restrict bitcoin mining operations and provides a difficult ecosystem for local miners, regions like Russiacould evolve into a major bitcoin mining market especially with the help of the government and with efficient regulations. While it is unlikely that the Chinese government will restrict its mining market, if emerging mining equipment manufacturers and miners in Russia can match the Chinese market in terms of technology and hashpower, there exists a possibility of Russia evolving into a major mining market in the future.

https://bitconnect.co/bitcoin-news/735/russia-is-trying-to-build-a-major-bitcoin-mining-industry-to-compete-with-china

....

Thoughts. Russia has had a monopoly over the nuclear fuel market (refined uranium) for a long time now which makes their nuclear reactor operating costs lower than that of other countries. Russia's claims of being able to compete with the electricity costs of china which tend to rely upon coal and hydroelectric plants could be legitimate.

Russian produced ASICs could also be a tremendous advantage to the russian mining effort. Russia's technology could well be superior to china's, which could translate to better ASICs than whatever china produces.

[AT101ET]

I just read up more on the RMC and can now see watch Russia's direction is with this. My only question is why the Russian central authority is so interested in BTC mining.
The RMC buy in was huge. Most individuals (Russian citizens) weren't able to oartake in it, so it can be assumed that the majority who did were the wealthy and government officials. If so, my question is what is their end goal with becoming a mining powerhouse? What's in it for them? 

[gentlemand]

I just read up more on the RMC and can now see watch Russia's direction is with this. My only question is why the Russian central authority is so interested in BTC mining.
The RMC buy in was huge. Most individuals (Russian citizens) weren't able to oartake in it, so it can be assumed that the majority who did were the wealthy and government officials. If so, my question is what is their end goal with becoming a mining powerhouse? What's in it for them? 

I've read that Russia has a huge excess of power generation and their power is super cheap. Mining crypto is certainly an excellent use of a resource that would otherwise go to waste.

However they need to make up their fucking mind about whether they love crypto, are executing every single user, creating their own, or legalising it. Nothing the authorities are saying has a shred of consistency so they're not going to attract any miners until there is.

[mahimonliner]

So there will be another coin in the market, another shittcoin.

[ldah94]

It has already been seen how controversial is Russia with respect to bitcoin and to know that now its government is interested in investing in mining gives much to think, if so and up its percentage of mining would not be negative there would be a bigger market of bitcoin and innovation in terms of their equipment.

[Bolt Brownie]

Russia is Trying to Build a Major Bitcoin Mining Industry to Compete With China.

https://bitconnect.co/bitcoin-news/735/russia-is-trying-to-build-a-major-bitcoin-mining-industry-to-compete-with-china

Yes I heard that, and I think they are going the right way. They are a very cold country and have cheap electricity, so mining there could be very profitable. They seemed to be turning their heads on crypo and ICOs, but apparently they've changed their minds and not only are creating their own coin, but they will try to regulate crypo in a smart way, like Japan is doing.

[Taki]

So many news from my dear Russia lately 
The talk about huge mining farm exist on the net and in the community for months already, but for now it stays just a talk, nothing really gone yet. Even if it's going to be the truth I wander what do they going to do with this farms after all bitcoins will be mined? Does any of you has any suggestion?

[eaLiTy]

With the price of bitcoin getting stronger and stronger no one could really ignore the power of bitcoin and every will jump on mining at a corporate level which makes things hard for miners,it is good to see that Russia is planning to come up with their own mining empire just to compete with China,if they could invest some time in creating better ASIC machines then it would be great,so that it will break the bitmain's monopoly.

[Qiuyue201]

Russia is Trying to Build a Major Bitcoin Mining Industry to Compete With China.

https://bitconnect.co/bitcoin-news/735/russia-is-trying-to-build-a-major-bitcoin-mining-industry-to-compete-with-china

And so? Why in the latest news that the russia is trying to ban the bitcoin exchange and mining. You must try to see the latest news that already published in a lot of the crypto news.
This looks vague to see each argument that already louded by a lot of the people in the crypto gets revenged with another.
Sound weird.

And what about the cryptoruble?

[muncuss]

So many news from my dear Russia lately  
The talk about huge mining farm exist on the net and in the community for months already, but for now it stays just a talk, nothing really gone yet. Even if it's going to be the truth I wander what do they going to do with this farms after all bitcoins will be mined? Does any of you has any suggestion?

it's true, i read the news last week. Russia government invite miners to come and use power from abandoned nuclear power plant. "invite miners", it's up to the miner will use it or not

[igrokvpoker]

Ha, these Russians. They will build a nuclear reactor from their garages, now they build mining fields from their power plants. Obama was right about them

[Jake052478]

big countries are now trying to engage so much in bitcoins nowadays.  they see the great potential and the ease of using it.  More so is the soaring value bitcoins.  I was really into building a rig but power has really hindered me to build one... Soon, they will be an influential player in the cryptocurrency...

[poliy1219]

Yes, there is news that Russia is planning to use nuclear power to mine. This is good news for the entire industry of virtual currency, indicating that great powers attach great importance to bitcoin. I hold firmly

[hitlab]

Russia seems to be really upping their game in the crypto field. Very good for bitcoin decentralization.

[ALT67890]

Then that’s good, it’s better this way. Who will suffer from this is the monopolies and this competition expand the bitcoin/cryptocurrency existence and popularity. I know most of the replies are against it, not because of mining itself but because they’re hatred towards Russia personally. So don’t make things complicated, it is bitcoin community that matters.

[mk4]

So there will be another coin in the market, another shittcoin.

Lets not jump into conclusions and immediately calling it a "shitcoin" here. As much as I hate that new coins are being made everyday(especially those damn ICOs), I'm pretty sure the Russian government isn't stupid enough to waste time and energy to create a cryptocurrency for nothing. They definitely have something in planning right here.

[Phalo]

I have mixed feelings about this.. I think its both a good thing and a bad thing. Good because we all know most people in the world trust governments, so maybe this is just what we need to see mass adoption of cryptocurrencies. Its a bad bad because all of us for decentralization know and understand what governments are capable of. If we have a large mining pool being run by the government of Russia. Who knows what they will do to manipulate the system?

[HongKong]

Russia is Trying to Build a Major Bitcoin Mining Industry to Compete With China.

https://bitconnect.co/bitcoin-news/735/russia-is-trying-to-build-a-major-bitcoin-mining-industry-to-compete-with-china

I am kind of surprised that America is not getting into mining that much. The people in Asia and the other Nations are making a huge amount of money from BTC.

[sch_lau]

Wow now there are 2 huge countries which see the potential of altcoins! this makes me really happy because Russia, although they're not in the EU are still a European countries and share borders with European countries. America is really looking into it; Africa, and Asia are already familiar with it! it looks like the whole altcoin business is going viral and it makes me very happy and excited!