Forty companies from China and the European Union have applied to the Russian Association of Blockchain and Cryptocurrency (RACIB) to place mining equipment in Russia to mine Bitcoin (TIKER: BTC.EXANTE), RACIB pesident Yuri Pripachkin has revealed, Bitcoin News reported.
“In Russia, the number of such factories is already in the hundreds, and our country has energy resources that can be sold to miners effectively,” Pripachkin was quoted by Russian RIA Novosi as saying last week.
Pripachkin further commented on cryptocurrency mining in Russia: “In fact, this is a new market for energy companies, and it is important to prepare a legislative basis, and possible preferential taxation for such foreign investors.”
Pripachkin believes that “Russia has every chance of becoming the world capital of mining.”
“When considering the current free capacity of Russian energy companies of about 100 GW, the attracted investments into the economy will be about 1.7 trillion rubles a year,” he said.
RACIB is an association formed in August this year to unite blockchain participants and owners, miners as well as investors of cryptocurrencies and initial coin offerings (ICOs). Its formation was announced by President Vladimir Putin’s adviser on Internet issues, Herman Klimenko.