Druglords and Arm dealers ditching crime for Bitcoin Mining?

As cryptocurrency mining progressed globally now, also talking top most trending stage, graphics card supply has increased more than normal, specifically in Russia.

Reports say most graphics card shops in Russia are drying up. Last week in Russia, GPU’s are up by as much as 85% in price. If you too have trouble finding mining equipment you can try online cloud mining.

Individuals or companies provide the computing strength to run the blockchain which records the world’s virtual money transactions. In return for providing that service, they receive virtual money, of which bitcoin and Ethereum are the most popular as payment. This process is called “mining”.

The practice has become so popular in Russia that computer stores in the country have run out of graphics and video cards developed for gamers but are used for bitcoin miners to boost the processing power of their home computers.

Realizing the rising popularity, top five Russian universities have started courses in cryptocurrency and included it in their finance curriculum. Cryptocurrency has gradually become a new sensation in global financial markets. Thus, generating huge demand for research in this area. According to some experts, rising public interest in cryptocurrency and blockchain technology has forced the academia to include its courses in their programs.

Russian President Vladimir Putin’s internet adviser plans to take advantage of the worldwide bitcoin craze by generating $100 million in a bid to compete with China’s fast-growing digital mining efforts.

Russian Miner Coin (RMC), co-owned by Dmitry Marinichev — Putin’s internet ombudsman, is developing a new virtual asset and plans to have a coin sale to raise capital, which is known in the digital world as the initial coin offering (ICO).

The idea behind the project is to boost Russia’s stake in digital cryptocurrency mining. RMC believes that Russia is in a good place to expand into digital mining market, with 20 Gigawatts of excess power capacity and lower consumer electricity prices than in China.

“Russia has the potential to reach up to 30% share in global cryptocurrency mining in the future,” Marinichev said at a news conference in Moscow.

RMC wants to develop a new processor for digital mining equipment that would increase productivity by 35 times, according to the company.

The plan is to use semiconductor chips, which were developed for Russian satellites and are known to minimize power consumption. That is key for digital crypto mining, which has very high power consumption levels, increasing costs.

Currently, China’s Bitmain Technologies Ltd. is one of the top producers of computers that can mine bitcoins with minimized energy consumption.

RMC said that out of the $100 million it plans to raise, $10 million will go towards the development of the new processor and the rest of the $90 million will go to the digital mining production process that will operate by employing a security chip.

Those interested can use Ethereum or bitcoin units to purchase the newly created RMC tokens.

The new tokens will have rights to 18% of the revenue earned with the RMC’s mining equipment, the company said.

ICOs have been gaining popularity with digital currency startups around the world, as they are an easy way to raise money upfront by giving investors virtual currency units that have the potential to grow in value in the future.

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This article was written by:
The Engineer
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