A crypto industry association in Russia has launched a project with the target associated with attracting Bitcoin miners to the nation.
Ruskies Crypto Industry Association Seeks To Attract Miners
As China’ t crackdowns on crypto mining continue, miners have been migrating out of the nation in hordes. They have been on the search for additional more favorable locations.
Not letting the chance go away, the Russian Association of Crypto Industry plus Blockchain (RACIB) plans to make the nation an attractive location for people miners.
According to the organization, Russia has various conditions that make it an ideal area for mining. For instance, there is the fact that the nation ranks one of the top 5 countries by electricity production. Energy resources such as traditional fuels are also readily available around the country.
Russia also has a large excess of energy production capacity, plus some regions even reach 50% in surplus.
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The country also has a low people density, which means it should be simpler to set up large scale operations. And combined with the cold weather, cooling all the mining equipment shouldn’ t prove to be too costly.
All this provides additional advantages plus attractiveness for large international investments in the Russian energy complex, provides the best circumstances for the formation of specialized clusters on the territory of the country that support worldwide cryptocurrency networks and the facilities of the global digital economic climate.
Also, 40% of Russia’ h power comes from eco-friendly power sources like hydro and nuclear so the country offers a green path for miners.
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The announcement comes after Kazakhstan, one of Russia’ s neighbors, overtook the country in terms of mining capacity.
Kazakhstan now ranks third in crypto exploration volume in the world, while Russia has dropped down to fourth.
At the time of composing, BTC’ s price floats around $30. 7k, straight down 7% in the past week. In the last month, the crypto offers dropped 14% in worth.
Here is a graph noting the trend in the Bitcoin‘ s price over the past year:
Bitcoin seems to be on a downtrend | Source: BTCUSD on TradingView
Over the past few weeks, BTC has failed to break out from the $30k-$35k range. However , with the current downtrend, the coin has come very close to the lower level of that will range.
It’ s yet to be very clear if the price of the crypto is going to continue to fall more, and if the coin will certainly finally escape from this area.
The price can drop, but it might quickly be pumped back up, just before hitting the $35k resistance degree again. Similar to how it is often for a while now. Or perhaps it could be different this time.