Russia’s Internet ombudsman: Country loses cryptomining war

Russia is close to losing the war for placing cryptomining capacities on its territory, the country’s Internet ombudsman Dmitry Marinichev said addressing a news conference at the National News Service on May 20.

The current major players in the mining market are Canada and the USA, he said.

“In this countries, electricity costs 2 cents per kilowatt hour, with no issues with electric utilities – while in Russia, even with its inexpensive facilities, nobody can buy anything from anyone”, Marinichev noted.

Meanwhile, cryptomining remains a profitable activity, with bitcoin’s high price of almost $8K.

“However, in the long term no major players are going to invest in mining projects in Russia. This asset is too risky; plus, prospects for regulating this market in our country are rather dim”, Dmitry Marinichev emphasized.

He noted that despite mostly positive news on bitcoin, the cryptocurrency’s price falls as soon as bad news appears.   

“The increase in bitcoin’s value leads to growing prices of all existing altcoins – and this is what are observing at the moment”, Marinichev concluded.  

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