The Russian Association of Cryptoindustry and Blockchain (RACIB) has launched a project to attract cryptocurrency mining companies to the country.
This project aims to attract crypto mining firms to Russia as they migrate away from China, which tightened crypto industry regulations, according to Coindesk.
RACIB works with federal and regional authorities as well as with state-owned companies, trying to find a way to develop effective cryptocurrency mining in Russia. The association has already formed several working groups with state-owned enterprises and companies in the energy sector. According to reports, a group of Chinese companies representing 25% the world’s bitcoin mining are already working with RACIB.
Until this spring, Chinese firms accounted for about half of the world’s bitcoin mining, but now they are migrating abroad citing repressions against the industry.