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Russia Government is planning to Subsidize Bitcoin Mining Electrical Cost

Subsidize Bitcoin Mining

Izvestiya, Russian Newspaper reports that the Russian government intends to subsidize the cost of electricity for cryptocurrency miners.

Reportedly, the Russian government via the Institute for Internet Development (IRI) and the Russian Association of Blockchain and Cryptocurrency (RABIK). Therefore, as they laid out plans to make electricity costs lower for Russian Bitcoin miners.

While the reports do not give location specifies, it does explain that the cost of mining in Russia is high even though Russia has a substantial electricity oversupply.

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Related Coverage: A ban on Bitcoin mining in private homes over Electricity Costs, heating: Russia

The report supply,

“The largest cryptocurrency farm in Russia consumes in aggregate 4.5 mWh, or 3240 mW per month. Hence, the cost of 1 kWh depending on the region is from 2 rubles to 5.3 rubles. In addition to the legalization of cryptocurrency in Russia, it is necessary to create the most favorable conditions for the work of miners”.

According to the reports, Russia’s continued dedication to cryptocurrencies and Blockchain technology. Despite, of recent statements that cryptocurrencies are not for ordinary people.

Read Next: Finance Minister: Russia to regulate Bitcoin Market

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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