Putin To Rival China

A company co-owned by one of President Vladimir Putin’s internet advisers plans to raise equivalent of $100 million in crypto in a move to help Russian entrepreneurs challenge China in crypto-mining.

Russian Miner Coin is holding an ICO for investors to buy new RMC tokens:

• These new tokens will have rights to 18 percent of the revenue earned with the company’s mining equipment
• Russian Miner Coin plans to use semiconductor chips designed in Russia for use in satellites to minimize power consumption in computers for crypto-mining

The company initially plans to locate mining computers based on Bitfury chips in individual Russian households to challenge Bitmain by using Russia’s lower electricity prices.

Russia has 20 gigawatts of excess power capacity, with consumer electricity prices as low as 80 kopeks (1.3 cents) per kilowatt hour, which is less than in China, RMC said in the presentation.

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source: https://www.bloomberg.com/news/articles/2017-08-08/putin-s-aide-seeks-100-million-to-rival-china-in-bitcoin-mining | image: Kai Schreiber