The Russian Association of Cryptoindustry and Blockchain (RACIB) has recently announced that they will be opening two new cryptocurrency mining pools and that it already has some projects planned for the pools.
Booming Business in Russia
Cryptocurrency market is enormous in Russia with a huge boom taking place in the last few years with over 70,000 different enterprises opening within the crypto space.
These upcoming projects are good news as those within this space will have better conditions to work with as well as more opportunities to generate income.
From the way the mines will be structured, it is designed to ensure that local businesses and Russians are the primary beneficiaries.
There have been many deliberate efforts to enable the crypto community to thrive in Russia, and the progress cryptocurrency has evidenced this has made recently.
While the cryptocurrency business is huge in Russia, the profits tend to go to non-Russian firms, and this initiative seeks to correct them.
“One of the main tasks is to bring back to Russia some of the money that now flows to foreign companies,” stated RACIB director, Arseniy Shcheltsin.
The RACIB seeks to protect the crypto community in Russia and make sure the income stays within Russia, and for a good reason.
The crypto industry is a huge source of employment and revenue in Russia. According to RACIB reports, the Cryptocurrency industry employs over 400,000 people across 70,000 businesses.
While some businesses own and operate crypto mining rigs, a majority of crypto mining in Russia takes place on a small scale and in peoples’ homes.
There are a handful of large mining rigs, and the two that will be added will create ease of operations for businesses.
In the past, most miners were individuals who mined as a part-time enterprise and on a small scale.
But according to Shcheltsin, more and more people are mining professionally with more advanced technology. In general, people and businesses have been able to hire more professionals in the crypto industry such as cool engineers and electricians.
One of the reasons why there is such an income disparity in the cryptocurrency works is because most crypto-based businesses deal with crypto mining businesses in Asia and North America.
By creating more mines, Russian businesses will be able to compete favorably in the international market.