Artificial Intelligence

Bitcoin

<a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a> witnesses the birth of its first-ever Industrial Mining Association (IMA), aiming to revolutionize the cryptocurrency mining sector. Founded by five major players - <a href="https://ultramining.com/news/rossiya-sravnyalas-s-ssha-po-tempam-rosta-majninga-kriptovalyut/" rel="noopener noreferrer nofollow">Bitriver</a>, Intelion Mine, Promminer, Stella, and Sibstroycapital - the association intends to legitimize and amplify industrial cryptocurrency mining, according to <a href="https://frankmedia.ru/142504" rel="noopener noreferrer nofollow">frankmedia</a>.
Oleg Ogienko from <a href="https://ultramining.com/news/rossiya-sravnyalas-s-ssha-po-tempam-rosta-majninga-kriptovalyut/" rel="noopener noreferrer nofollow">Bitriver</a> defines industrial mining as cryptocurrency <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">production</a> operated by data centres consuming over 5 MW of power. Such entrepreneurs would legally import and use <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/" rel="noopener noreferrer nofollow">mining equipment</a> within these data centres.
The association's primary goal is to foster dialogue with regulators, striving for transparent mining practices. They're pushing to establish clear regulations, adopt international taxation standards, and implement business standards tailored to the industry.
Timofei Semenov of Intelion Mine underscores the need to shield genuine market participants from unfair competition, hinting at the presence of grey market activities. Furthermore, the association emphasizes the legal importation of crypto <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/" rel="noopener noreferrer nofollow">mining equipment</a> and seamless integration with the existing energy infrastructure.
Promminer's founder, Timofey Kuzmenko, highlighted the association's role as a united front for miners to protect their collective interests, especially in legal tussles.
Bitriver's data suggests a bullish future for <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a> in global crypto mining, forecasting it to be second only to the <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/" rel="noopener noreferrer nofollow">US</a>. The country's projected <a href="https://ultramining.com/news/en/crypto-mining-with-flare-gas-a-green-solution-or-environmental-setback/" rel="noopener noreferrer nofollow">electricity</a> consumption for mining is around 1.5 GW, with a potential surge to over 5 GW in the coming years, housing approximately 1.5 million units of computing equipment.
Russia's increasing dominance in Bitcoin mining showcases the industry's evident need for regulation. Stanislav Akulinkin of the Chamber of Commerce and Industry sees the IMA as a significant step towards holistic industry development, ensuring increased tax contributions and job opportunities.
However, it's noteworthy that while IMA claims its pioneering status, another similar organization, the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RAKIB), has been in the market, inclusive of industrial mining suppliers like Bitriver.

Russia’s Industrial Mining Association Aims for Transparency and Growth

Ultramining_Eng

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