russia cryptocurrency

Russian man buys plants for Cryptocurrency Mining

For those who are participants in crypto-currency mining, there are a number of issues to be concerned with.

 

One such problem is how a countries national government feels about cryptocurrencies, such as either accepting it or barussia cryptocurrencynning it.

Another concern is having access to all the power necessary for mining cryptocurrency in the first place. A Russian businessman has decided to take matters into his own hands, and has bought 2 electric power plants for the purpose of cryptocurrency mining.

Russia has been giving China a run for its money when it comes to mining cryptocurrencies. One reason in particular is the cheap power to be found in the country at large.

A crypto miner is always at the mercy of government regulations and power companies providing a steady source of electrical current to keep the mining servers afloat.

A Russian businessman by the name of Aleksey Kolesnik thus decided to ensure a steady stream of power by purchasing two electrical power plants in the Perm Region which is located on the western side of the Ural Mountains.

Kolesnik says that these power plants will be turned into a data center as well as a center for cryptocurrency mining. The cost for the two plants is just north $2.8 million (or 160 million russian rubles). Kolesnik claims that mining will only be possible if Russia passes the appropriate legislation and approves the use of digital currencies.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.