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26 October 2020

Bitcoin mining’s future is green, and Russia has the best chance

Bitcoin mining’s future is green, and Russia has the best chance

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If the plan is properly implemented, it could help China to finally shed its biggest-polluter status and significantly improve the global ecosystem, which could also drastically shake up the country’s eminent Bitcoin (BTC) mining industry.

Outside of that period, most miners migrate up north to Xinjiang and Inner Mongolia, which currently generate over 40% of the total Bitcoin hash rate.

If the government proceeds to push for net-zero carbon dioxide emissions, mining there will become inefficient, and local players will be left with much fewer options?

Also, the local government has been interfering with the electricity market by lowering tariffs and cost, meaning that they might eventually bounce back.

That, along with the fact that the Soviet government often left room for future growth when building infrastructure, is the key reason why the region has so much excess power these days.

Furthermore, if your rig breaks down, you don’t even have to send it back to China, wasting several weeks (which is considered ages in Bitcoin mining).

Russia has been the third-largest Bitcoin mining country in the world for quite a while now, and the local industry has developed significantly.

The bill prohibits Russian residents from making payments in cryptocurrencies starting from January 2021 but legally recognizes them as “digital financial assets.” It does not mention cryptocurrency mining in any form, meaning that currently, there are no legal restrictions.

Besides, regional authorities in Siberia are growing highly supportive of large mining operators because they pay taxes, create jobs, and put that excess energy to use.

At this point, the government has already met all the local large-scale mining operators mostly because the consumption of several megawatts of power is easily detectable by the electric grid operator (and naturally requires some sort of explanation).

In fact, the region is littered with carcasses of mining companies that either suddenly went bust or turned out to be scams, disappearing with investors’ money in both cases.

The most recent example would be the Toronto-based HyperBlock, which abruptly closed down its 20-megawatt data center in May, saying that it had to cease operation due to the Bitcoin halving — despite the fact that it is a regular event that companies can prepare for well in advance.

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