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Monday, September 11, 2017

Project to Subsidize Electricity Costs to Cryptocurrency Miners Underway in Russia

Project to Subsidize Electricity Costs to Cryptocurrency Miners Underway in Russia

The Institute for Internet Development (IRI) and the Russian Association of Blockchain and Cryptocurrency (RABIK) are reportedly working on a pilot project to subsidize electricity costs related to cryptocurrency mining. IRI director of project activities Arseny Shcheltsin told daily newspaper Izvestiya this week that mining farm owners would receive discounts on electricity but did not disclose the actual location of the project.

The two organizations believe, as reported by the publication:

In addition to the legalization of cryptocurrency in Russia, it is necessary to create the most favorable conditions for the work of miners.

While the IRI’s goals are focused on the development and operation of modern technologies in Russia, RABIK was created to unite blockchain technology participants and owners of cryptocurrencies, including miners and ICO project investors, according to RNS news service. RABIK’s creation was announced at the end of August by Herman Klimenko, Vladimir Putin’s internet advisor.

Full story at

Source: Bitcoin News

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