There has been a recent development surfacing from Russia. Russian crypto patrons collaborate with a consortium. This consortium includes China’s biggest crypto-mining companies. One of the Russian blockchain and cryptocurrency associations is initiating an interesting project. According to that, the association aims to bring global crypto mining firms and operations to Russia while China imposes a crackdown against Crypto mining.
This initiative was announced by the RACIB (Russian Association of crypto-economics, Artificial Intelligence, and Blockchain). The ambition is to transfer global crypto mining computing resources to Russia. There shall be more information released about the project later on, but the date has not been specified. It was revealed by a RACIB spokesperson to a major crypto media outlet.
According to the announcement, RACIB is working closely with the Russian government and state corporations to form multiple mutual working groups with local state bodies. Among these groups, one is focusing on an “eco-mining” project in order to build data centers and mining farms. These will be powered by renewable electricity sources. The group plans to incorporate green energy sources like wind power plants in addition to the rich nuclear and hydroelectric sources of Russia.
RACIB is also collaborating with its foreign partners including a group of largest crypto mining companies hailing from China. The companies in the consortium control more than 25% of the global hash rate of major cryptocurrencies, according to the announcement. An energy-focused report has been published by NS energy- based in India. This publication reflects Russia as the fourth largest country in the world in terms of electricity generation.
It generates above 1100 terawatt-hours of energy each year after China, the USA, and India. Throughout 2021 Russia has created over 1100 megawatts of new power plants using wind farms. These farms are located in areas like tavropol Krai, Rostov region, Adygea, and the Republic of Kalmykia. Using renewable sources of energy for crypto mining is a very intelligent idea. This will save hundreds of megawatts of energy obtained from conventional sources. By using green energy sources will also help cut down on global pollution leading to global warming.