The European Union and China aspire to conduct a mining operation in Russia, who at present has hundreds of other cryptocurrency mining organization. But it still welcomed the foreign companies from EU and China to set up their mining farms here.
As many as 40 application from the EU and Chinese companies have been received by the Russian Association of Blockchain and Cryptocurrency (RACIB) to conduct mining operations of Bitcoin in Russia. RACIB was constituted in August to unite the blockchain participants, owners, miners, and investors of cryptocurrency and initial coin offerings (ICO). After analyzing the market value, Yuri Pripachkin, the president of RACIB, asserted that with already an existing hundred, Russia still has the sufficient energy source for foreign companies to start their mining operations.
Further, Pripachkin was quoted saying that the new market for the energy companies require a legislative body to govern and should levy taxes for the foreign mining companies. He aspires that Russia has every capability of becoming the epicenter of mining in the world.
The association members believe that it is the current free capacity of the Russian energy market that attracts foreign companies to start their mining operation in Russia.This surplus electricity is what will turn to be a boon for Russia in the near future as well.