Russia is Preparing
for Bitcoin and Cryptocurrency Expansion
In
Russia, we are seeing quite a lot of movement and cryptocurrency investments in
recent months. Several government agents have been studying the use of Bitcoin
and other digital coins that could be mined in the country and are seeking a $
100 million financing to mine Bitcoin in Russia.
One
of the advisers of the president, Vladimir Putin was in charge of making this
proposal before the Russian Ministry of Finance and other related entities. The
idea of the advisor was presented in detail with each step and procedure to
be performed and also included all the advantages that this action can attract.
What attracted the attention of the president were the ways in which the money
will be collected and how the distribution will be made for the mining of the
digital coins.
First
you must make an initial coin offer to buy new tokens. The investment of any
person will be accepted and the investors who proceed to participate will be entitled
to 18 percent of the income obtained by the mining. Some owners of Bitcoin
Exchange in Russia have shown some interest in this and plan to be the first to
invest.
On
the other hand, planning entails that the mining team that will perform the workday,
has several types of data to process and Blockchain may interfere with the
procedure. However, it has been decided to manufacture semiconductor chips that
will lighten the load and allow the block chain to perform the fastest
procedures. These chips will be manufactured by the Russians themselves and
even some of the Top Bitcoin Exchange in Russia have come out to collaborate
with the procedure as Bitxoxo did in India at one time. The owner of the idea
of concentrating the money to realize the investment announced that 10
million dollars can be invested for the manufacture of these chips that also
have been used in satellite technologies. The rest of the money will be
distributed in the construction of an exclusive building for mining, and in the
purchase of other chips that will streamline the process.
Mining
should not focus only on the procedures that Blockchain should perform, but
also recognize the energy costs that this entails. Russia plans to make the
most of this production by reducing the use and extra consumption of
electricity.
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