Russian Governor Invites Cryptocurrency Miners to Set Up Mining Farms in Leningrad RegionSeptember 21, 2017 0 By Ray
In what seems to be the wake of the “China Situation”, the Governor of Russia’s Leningrad region is postulating the creation of an industrial park for cryptomining. The invitation stretches across many cryptocurrencies, including Bitcoin and the destination for these large scale mining farms? The old Leningrad nuclear power plant.
Honestly, it’s hard to tell – but the entire situation hovering around China at the moment seems to be based almost entirely around FUD. There were reports of significant amounts of Chinese pulling out of Chinese exchanges and sending their BTC to Japan ; further diminishing the “China Requirement” and showcasing the ability of BTC to divert around problem zones.
It’s little wonder the Russians have expressed an invitation; and when you consider existing establishments in Iceland like Genesis-Mining, perhaps they wish to copy this success?
Ultimately what is in the miners interests appears to be cheap electricity, naturally cold climates are a benefit as well as governments that are less authoritarian than those in Communist Countries. There has been rumors that the Chinese Government simply wanted to regulate the exchanges and diminish the amount of fake ICOs and fake BTC in general. The true reason? Nobody knows until the Chinese government truly shows its cards.
Monitoring exchanges such as Coinspot.com.au and Coinbase.com over the last few days has seen quite a bit of turbulence. How much of it is market influence, manipulation and pump and dumps? While the suspicion is there, a reflective look in some weeks or months will truly show what is really going on.
It hasn’t stopped us buying more in the dips, as Bitcoin has a habit of rebounding beyond expectations.