China had a strong hold over mining cryptocurrency due to low power tariff and many facilities were set up near power stations. It has been reported that a Russian businessman Aleksey Kolesnik has bought two power stations and will be using it for mining cryptocurrency.
The cryptocurrency euphoria has taken Russia by sweep and this is the first instance power stations being bought by investors to house cryptocurrency mining operations.
This news comes after the President Vladimir Putin announces the creation of multinational cryptocurrency that will be adopted by BRICS and EEU members. Russia’s finance ministry has already drafted bill to legalise the trade of cryptocurrencies on regulated exchanges in the country.
The mining project and its credibility lies in the hands of Russian government, who has made headway in its perspective regarding cryptocurrencies.