Forty foreign investors apply to start Bitcoin mining business in Russia

According to the Russian Satellite Network, Yuri Pripachkin, president of the Russian Cryptocurrency and Blockchain Association, told the Russian Satellite News Agency that the association has received 40 applications from companies and individual investors in EU countries and China to place Bitcoin mining equipment in Russia.

Pripachkin said that since 2013, bitcoin mining plants have been built all over the world, with thousands of ASIC mining machines for bitcoin mining automated operations in each plant. According to him, the monthly income of a bitcoin mining plant can exceed $1 million.

Pripachkin pointed out: "There are already hundreds of such mines in Russia. Our country has electricity that can be sold to miners." He said that if the idle production capacity of Russian power companies was utilized, 1.7 trillion rubles (about 28.65 billion US dollars) could be attracted to the Russian economy each year.

The Russian Cryptocurrency and Blockchain Association has set up a committee of mining market participants, some of whose members are from China and Slovakia, and is currently preparing proposals on how to make mining in Russia more attractive for investment.