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Russia: Government Official Expects to Mine 20% of the World’s Bitcoin

Russian internet ombudsman’s bitcoin mining company is planning to open a new facility and corner 20% of the international market.

Internet ombudsman targets BTC

On Oct 29. Local news RBC reported that the Russian Mining Company (RMC) is planning to repurpose a metal factory in the country’s northern province of Karelia.

The ex Rusal facility was closed due to US sanctions in 2018. It could soon host a Bitcoin mining farm so large that it could account for one-fifth of global output.

“Our idea consists of converting the factory and selling its computer power as a service, that is to say, offering IT services,” the ombudsman, CEO Dmitry Marinichev, told RBC.

Bitcoin mining over the world

Beijing based Bitmain TechnologiesLtd. and DMG Blockchain Solutions announced the launch of a 25MW mining facility in Rockdale, Texas. The new mine aims to boost Bitmain’s international expansion that will soon expand to 50MW of processing power and then extend the operation’s capacity to more than 300MW.

Recently, Canaan Creative filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) to raise $400 million, while planning to be listed on the NASDAQ under the ticker CAN.

Canaan is one of the three major Chinese crypto mining companies alongside Bitmain and Yibang International, which could become the first China-based mining firm to be publicly traded in the U.S.


Source: | Image: Shutterstock


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