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The Digital Gold Rush: Russia Aims to Mine 20% Of The Bitcoin Supply

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A bitcoin mining company in Russia owned by the country’s internet ombudsman plans to open a giant mining facility and take 20% of the global mining market.

The news was reported by RBC, a Russian Financial media, saying that Russian Mining Company (RMC) plans to use its metal factory in Karelia (which was closed due to U.S. sanctions) to mine bitcoin.

The mining facility will be so large to provide one-fifth of the global hashing rate.

“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.

Marinichef, who has links to the Russian government has been criticizing some state policies, especially regarding the internet.

The government’s effort to ban Telegram, for instance, got a lot of criticism.  However, these efforts ended unsuccessfully as Telegram is still accessible and soon will launch its own digital currency. In an interview  Marinichef said:

“It is impossible to block it by blacklisting IP-addresses. That way, the battle will go on endlessly, even if you consider that Telegram’s client part is open-source software whose inner workings can be analysed and comprehended,”

While bitcoin volatility has been very violent recently, there is also an increase of interest in the bitcoin mining industry. The mining hash rate is in constant increase and has been steadily increasing even in the months after this year ATH when bitcoin retraced by more than 40%.

All this loyalty to bitcoin hints that bitcoin mines are super bullish on bitcoin.

The news about the giant Russia bitcoin mining facility comes days after the launch of a giant mining facility in Texas by Bitmain, one of the industry leaders.  As reported by TheBlocok Bitcman filed for an initial public offering (IPO) with the Security Exchange Commission which aims to raise $400 million and the sponsor is the Deutsche Bank.

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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past.

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