[2018-1-17] Businessman Outright Buys Two Electric Power Stations to Do Bitcoin.

[FollowSynergy]

China has dominated the bitcoin mining industry for a couple of years, but fears of a government clampdown are signaling now might be the best time to enter the market elsewhere in the world. And someone just made a big bet that Russia, with its cold weather and plentiful fossil fuel energy sources, is the place to establish a mining venture.

Serious Mining in Russia

An investor has acquired a couple of electric power stations in Russia specifically to be used for bitcoin mining, the Russian business daily Kommersant reported. It is purported to be the first time ever someone bought a whole power station for such a venture in the vast and natural resource rich country.

One power station is located in the Perm region, on the western slopes of the Middle Ural Mountains, and the other is located in the nearby Russian Republic of Udmurtia. The two facilities will be used to create a data center and a bitcoin mining farm, the newspaper reported. The deal was completed for an estimated 160 million rubles (worth approximately $2.8 million).

The reported buyer of the power stations, businessman Aleksey Kolesnik, has indirectly confirmed the acquisition. However, he said that cryptocurrency mining operation will only start after the Russian government approves a needed law to make it completely legal. The bill the Russian Ministry of Finance is currently drafting to regulate cryptocurrency and ICOs in Russia is expected to be adopted in March 2018.

Miners Go North

Chinese miners appear to be preparing for an exodus from their once hospitable homeland. As efficient mining requires cheap electricity and cold weather, locations that offer both are said to be the main benefactors, from Iceland to Canada. But, there are reasons to believe that the Russian government will be more open than others to hosting bitcoin mining operations in their territory.

In December, the Russian Duma hosted a global panel of cryptocurrency miners where people from fifteen countries explained to parliamentarians how cryptocurrencies are created and discussed different approaches to mining regulation. Some Russian politicians also think that bitcoin can help the country bypass Western financial sanctions. Lastly, a common mainstream media criticism of mining at the moment is that it wastes a lot of energy, supposedly exacerbating global warming – an obsession Russia does not share.

https://news.bitcoin.com/businessman-buys-two-electric-power-stations-to-do-bitcoin-mining-in-russia/

[ebay1990]

China has dominated the bitcoin mining industry for a couple of years, but fears of a government clampdown are signaling now might be the best time to enter the market elsewhere in the world. And someone just made a big bet that Russia, with its cold weather and plentiful fossil fuel energy sources, is the place to establish a mining venture.

Serious Mining in Russia

An investor has acquired a couple of electric power stations in Russia specifically to be used for bitcoin mining, the Russian business daily Kommersant reported. It is purported to be the first time ever someone bought a whole power station for such a venture in the vast and natural resource rich country.

One power station is located in the Perm region, on the western slopes of the Middle Ural Mountains, and the other is located in the nearby Russian Republic of Udmurtia. The two facilities will be used to create a data center and a bitcoin mining farm, the newspaper reported. The deal was completed for an estimated 160 million rubles (worth approximately $2.8 million).

The reported buyer of the power stations, businessman Aleksey Kolesnik, has indirectly confirmed the acquisition. However, he said that cryptocurrency mining operation will only start after the Russian government approves a needed law to make it completely legal. The bill the Russian Ministry of Finance is currently drafting to regulate cryptocurrency and ICOs in Russia is expected to be adopted in March 2018.

Miners Go North

Chinese miners appear to be preparing for an exodus from their once hospitable homeland. As efficient mining requires cheap electricity and cold weather, locations that offer both are said to be the main benefactors, from Iceland to Canada. But, there are reasons to believe that the Russian government will be more open than others to hosting bitcoin mining operations in their territory.

In December, the Russian Duma hosted a global panel of cryptocurrency miners where people from fifteen countries explained to parliamentarians how cryptocurrencies are created and discussed different approaches to mining regulation. Some Russian politicians also think that bitcoin can help the country bypass Western financial sanctions. Lastly, a common mainstream media criticism of mining at the moment is that it wastes a lot of energy, supposedly exacerbating global warming – an obsession Russia does not share.

https://news.bitcoin.com/businessman-buys-two-electric-power-stations-to-do-bitcoin-mining-in-russia/

China will be the national leader in other bitcoin mining. This money will grow dramatically. will not be like the present

[Lucius]

I'm not sure how smart it is to start crypto mining operations in Russia and there is at least two reasons that miners should consider before go there.Russia is acts very strange and unpredictable in connection to cryptocurrency in general,and in future similar things might happen there as is happening today in China.Another major problem is corruption and Russia is known for that,miners will have to share a good deal of profit with a corrupt political structure,this is not a country you can make business without bribery and corruption.

I see that miners are receive invitations from many other countries like Canada or New Zealand,and what is about Europe north,Finland,Norway&Sweden-is there some possibilities for mining farms or the electricity in these countries is too expensive?

[MoonJeina]

It was very much important to have some more mining destinations other than China .
China , without a second thought has been the biggest mining hub for bitcoin in the past . Mining practices are apparently still going on in China but the government is trying its best to find those hubs and halt their practices .
I think , the Businessmen must have been more wise while choosing the alternative , since the existence of cryptocurrency is highly in doubt in Russia . It Will only make the place as vulnerable as China . The sudden ban can again totally disrupt the mining work.       

[Slow death]

I think , the Businessmen must have been more wise while choosing the alternative , since the existence of cryptocurrency is highly in doubt in Russia . It Will only make the place as vulnerable as China . The sudden ban can again totally disrupt the mining work.       

I'm not sure how smart it is to start crypto mining operations in Russia and there is at least two reasons that miners should consider before go there.Russia is acts very strange and unpredictable in connection to cryptocurrency in general,and in future similar things might happen there as is happening today in China.

Even if he had gone to a country that would allow him to mine, I wonder how long that country would let him mine bitcoin, mine bitcoin consumes a lot of electricity and has workers' issues. in my opinion mining should be regulated so that the mines create legal business with registration and physical offices and their mining equipment are not hidden and the rights of workers are respected. I have already seen some videos that show the working conditions of the miners in china, they are people who work in precarious conditions, the owners of the miners get rich while the miners' workers destroy their health