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Rusal’s Powers in Russia Will Be Directed to Mining Bitcoins

30 October 2019 14:05, UTC
Rusal’s Powers in Russia Will Be Directed to Mining Bitcoins

Russian Internet ombudsman Dmitry MARINICHEV plans to channel the power of the Rusal plant to mining bitcoins. He announced his plans to rent the building of the former Rusal plant in Karelia, RBC reports.

Marinichev says he wants to breathe new life into an aluminum factory closed due to sanctions:

“Currently, the plant is unprofitable, the electricity supplied to it is practically not being utilized, and people living in the nearest single-industry town have nowhere to work. Our idea is to redesign the plant and sell its computing power as a service, that is, to provide an IT service.”

An ambitious project, he said, could capture up to 20% of the global bitcoin mining market. According to RBC, the new farm will be able to generate income of about $100 million per month. According to estimates by Mikhail KVASNIKOV, CEO of Cryptouniverse, the whole of Russia accounts for about 10% of global mining. Crypto experts doubt that one pool will be able to control 20% of the mining market, as the Internet ombudsman planned.

22.10.2019  |   in Innovations
The goal of Marinichev’s company is to create an ecosystem for miners and investors that would challenge China, which now controls more than 70% of the total market.

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