Wednesday, 9 August 2017

Russia is Preparing for Bitcoin and Cryptocurrency Expansion

     In Russia, we are seeing quite a lot of movement and cryptocurrency investments in recent months. Several government agents have been studying the use of Bitcoin and other digital coins that could be mined in the country and are seeking a $ 100 million financing to mine Bitcoin in Russia.

     One of the advisers of the president, Vladimir Putin was in charge of making this proposal before the Russian Ministry of Finance and other related entities. The idea of ​​the advisor was presented in detail with each step and procedure to be performed and also included all the advantages that this action can attract. What attracted the attention of the president were the ways in which the money will be collected and how the distribution will be made for the mining of the digital coins.

     First you must make an initial coin offer to buy new tokens. The investment of any person will be accepted and the investors who proceed to participate will be entitled to 18 percent of the income obtained by the mining. Some owners of Bitcoin Exchange in Russia have shown some interest in this and plan to be the first to invest.

     On the other hand, planning entails that the mining team that will perform the workday, has several types of data to process and Blockchain may interfere with the procedure. However, it has been decided to manufacture semiconductor chips that will lighten the load and allow the block chain to perform the fastest procedures. These chips will be manufactured by the Russians themselves and even some of the Top Bitcoin Exchange in Russia have come out to collaborate with the procedure as Bitxoxo did in India at one time. The owner of the idea of ​​concentrating the money to realize the investment announced that 10 million dollars can be invested for the manufacture of these chips that also have been used in satellite technologies. The rest of the money will be distributed in the construction of an exclusive building for mining, and in the purchase of other chips that will streamline the process.

     Mining should not focus only on the procedures that Blockchain should perform, but also recognize the energy costs that this entails. Russia plans to make the most of this production by reducing the use and extra consumption of electricity.

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