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Russia Discusses Starting Cryptocurrency Mining With Its 20+ Gigawa



Russia Discusses Starting Cryptocurrency Mining With Its 20+ Gigawatt Surplus

Russia’s First Deputy Prime Minister Igor Shuvalov has revealed that discussions are underway regarding the creation of government centers for cryptocurrency mining, according to local publications. Meanwhile, a bill is being finalized to provide a legal framework for digital currency including bitcoin.

Government’s Cryptocurrency Mining Centers

The Russian First Deputy Prime Minister Igor Shuvalov, who is the most senior member of the cabinet besides the Prime Minister, reportedly said that his government is discussing the creation of government centers for mining cryptocurrency, RBC reported last week.

Shuvalov is responsible for the Russian federal budget and economic policies. Regarding cryptocurrency mining, “we talked about the future of this sector in Russia, given that it is developing so rapidly in the world,” he said. Among the discussions he mentioned was a question of which electricity generators exist that mining centers could be placed nearby. However, he noted that it is still a discussion with no concrete project yet, adding that:


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For such [cryptocurrency mining] centers to develop, it is necessary to prepare relevant legislation and its regulation.


According to Bitfury Group, Russia currently accounts for only 2% of the world’s mining capacities while China leads with 60%. The U.S. and Canada collectively hold the second largest market share with 16%, followed by Georgia at 6%, and by Europe at 5%. Bitfury was founded by Valery Vavilov, a Russian-speaking native of Latvia.

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