A Bitcoin mining company owned by the Russian Ombudsman plans to open a new structure that will incorporate 20% of the international market.
As reported by the RBC news agency on October 29, the Russian Mining Company (RMC) intends to reconvert a steel center in the northern province of Karelia.
Closed due to US sanctions in 2018, the facility could soon house a Bitcoin mining farm (BTC) so large that it could represent a fifth of global production.
"Our idea is to reconvert the factory and sell its computing power as a service, ie to offer IT services"said CEO Dmitry Marinichev to RBC.
In 2017, Marinichev led RMC through an $ 43 million initial coin offering (ICO), which remains the largest Russian token sale today.
The world returns to Bitcoin mining
Despite its links with the Russian government, Marinichev has often criticized its policies, particularly those concerning the Internet.
An example is the Kremlin's attempt to block the Telegram instant messaging service. Until now, however, the government's efforts have been in vain, as Telegram still remains accessible, but could soon focus on the company's upcoming digital currency.
"It is impossible to block it by blacklisting the IP addresses. In this way, the battle will continue indefinitely, even if we consider that the client part of Telegram is an open source software whose internal mechanisms can be analyzed and understood "said Marinichev in an interview in May.
As reported by Cointelegraph, competition in the mining sector was again turned on in 2019. Despite the contrasting performances of the currency, the hashrate – or the combined computing power dedicated to mining – continues to mark new historical highs.
Last week, Bitmain, one of the leading players in the mining industry, announced that it would try to make its new Texas facility the most powerful in the world in the coming years.
Meanwhile, this week, rival company Canaan Creative presented an initial $ 400 million public offering.
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