Category Archives: Crypto Universe

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Chechnya Eurasian Crypto Mining Pool to Boost EAEU Nations

Eurasian Economic Union Countries (EAEU) are to receive some support in their crypto mining activities suggests Ramzan Kadyrov, leader of the Chechnya Republic.

According to the head of state’s press secretary Alvi Karimov, Chechnya has come up with a plan to create a mining pool to support mining in the Eurasian region by pooling resources of regional crypto miners.

Situated in the eastern part of the North Caucasus, partially in Eastern Europe, Chechnya is surrounded on nearly all sides by Russian Federal territory. In the west, it borders North Ossetia and Ingushetia, in the north, Stavropol Krai, in the east, Dagestan, and to the south, Georgia. Its capital is Grozny.

Chechnya is a federal subject of the Republic of Russia, which has once entertained the thought of a crypto-ruble in the past, despite attacking public cryptocurrency adoption. Although Chechen authorities have not outwardly supported cryptocurrency adoption themselves, the government has begun to demonstrate an interest in implementing blockchain and electronic payments systems. In a surprise move earlier this year, President Kadyrov publicly became a private cryptocurrency investor himself after slamming the concept, maintaining:

“Someone who puts money into cryptocurrencies expects their value to increase many fold… Their price grows only at the expense of investors’ greed. Those people are trying to draw in new investors and then get rich thanks to their greed.”

Ten days later the unpredictable Kadyrov bought his first Bitcoin. He said, “I’ve made up my mind to buy a share of bitcoin to follow the evolution of the cryptocurrency,” he further added: “I have already stated that blockchain will be introduced in the Chechen Republic and I am also interested in innovative payment networks.”

Although, the head of state calls for further regulation to protect Chechen citizens from “financial pyramids and other fraudulent schemes,” he wants miners from Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan to unite to create the new pool.

It is likely that President Kadyrov is buoyed by neighboring Russia’s increased mining activity with 400,000 people now employed in the sector. 70,000 enterprises operate hundreds of thousands of mining rigs. Russian money going towards foreign enterprises through crypto mining is also on the increase, a fact that has driven pooling ideas.

As a result, the RACIB has linked up with Crypto Universe Company to develop two mining pools under the project name “Mine Russia”.  Each of the pools is speculated to support 3000 units, mining a range of cryptocurrencies. One of the main aims of the project is to cut back on the amount of Russian money going towards foreign enterprises through crypto mining. The Russian Association of Crypto Industry and Blockchain’s (RACIB) president has vowed that there will be no hidden fees for the transfer of assets or connecting the mining equipment to the pools.

The Chechen pool will jump-start the ‘Crypto Chechnya’ program, which is aimed at developing the region’s economy with the use of blockchain technologies. The government has confirmed that before the mining pool can be launched, the adoption of the laws regulating the operation of cryptocurrency in the territory of Russia needs to be ratified; possibly later this year as a new bill passes through the Russian State Duma.

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Russia to Develop Its Own Crypto Mining Pools in Light of Overseas Mining Invasion

Crypto mining in Russia is becoming a big industry on an individual level, but more importantly for the government at an industrial scale also. This is now driving operators towards locally run Russian mining pools.

The Russian Association of Crypto Industry and Blockchain (RACIB) claims that there are now over 400,000 people employed in the sector. 70,000 enterprises operate hundreds of thousands of mining rigs, with an increase in one-man operators working from their homes. The agency has made it clear it would like to see the complete legalization of cryptocurrency mining in the country.

The industry is creating new jobs; and calls for electricians, engineers, and IT specialists are on the rise as a result of crypto mining by large-scale enterprises. In an effort to regulate the industry and set higher standards, RACIB’s director Arseniy Shcheltsin wants to focus on large-scale professional mining and find solutions to better equip the industry.

A majority of these larger facilities currently work with Western and Asian mining pools, increasing the need for Russian firms to work within the restriction imposed by overseas pools often including prohibitive tax regulations.

As a result, the RACIB has linked up with Crypto Universe company to develop two mining pools under the project name “Mine Russia”. Each of the pools is speculated to support 3000 units, mining a range of cryptocurrencies. One of the main aims of the project is to cut back on the amount of Russian money going towards foreign enterprises through crypto mining. RACIB’s president has vowed that there will be no hidden fees for the transfer of assets or connecting the mining equipment to the new network.

Russia has become popular with overseas companies due to its low energy costs, with another recent drop in electricity rates recently from 5-7 rubles to 4-5 rubles in the last year. Prices are half that amount in some areas, making the country one of the lowest in the world for energy.

Although, Russia is still vehemently anti-crypto in terms of legislation, at least at the street level. Mining, on the other hand, is favored for its obvious economic attributes and is propped up by legislators. Cryptocurrency bills are going through the State Duma for a second reading later this year.

Overseas, the Russian New Mining Company is investing 125 million USD into a massive Bitcoin mining operation in Alvdal, Norway. This is a 20-minute drive from Tynset, Norway where Trident Juncture will begin on 5 October 2018. Trident Juncture will be the largest North Atlantic Treaty Organization (NATO) military exercise in Norway’s history.

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