The Russian Association of Blockchain and Cryptocurrency has conducted a study to determine the best location for cryptocurrency mining in the country. The best region found is a major transport and distribution center as well as a transit hub with cheap electricity. Currently, there are very little crypto mining activities in that area.
Best Location for Crypto Mining
The Russian Association of Blockchain and Cryptocurrency (RACIB) has conducted a study of the attractiveness of Russian regions for cryptocurrency mining, local publications reported on Monday. This association was formed to unite blockchain participants as well as owners, miners, and investors of cryptocurrencies and initial coin offerings (ICOs). Its formation was as announced in August by President Vladimir Putin’s adviser on Internet issues, Herman Klimenko. The association’s president, Yuri Pripachkin, told RBC that:
The association compared the regions by such parameters as the cost of electricity, the availability of free reserve capacities, logistics accessibility and the development of telecommunications infrastructure.
According to its findings, the Krasnoyarsk Territory scores the best overall. Krasnoyarsk is the largest territory in the Russian Federation and the second largest federal subject. Its area spans 2,339,700 square kilometers, or approximately 903,400 square miles. Its administrative center is the city of Krasnoyarsk, the third largest city in Siberia with a population of about 1 million.