Putin gives the green light to cryptocurrencies, sends a message to the world about their future. Chinese miners are already moving to Russia

The price of bitcoin and other cryptocurrencies has recently been accompanied by reports of their regulation by some states. China’s efforts in June this year were most visible. Local banks they must not offer any operations related to cryptomas and some provinces they also banned mining bitcoin on powerful computers.

However, Russia, according to Bloomberg website goes the opposite way. Vladimir Putin publicly gives the green light to cryptocurrencies: “They have the right to exist and to be used as means of payment,” he let himself be heard.

He sees value in them, but raises a warning finger

Putin said this in an extensive interview for CNBC. He claims that cryptocurrencies “have value”. However, he noted that, according to him, they can not yet replace the dollar in oil trade – which is the main export item of the Russian economy. However, given the huge volatility, few people probably claim that.

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According to the president, it is “too early” for that. He also referred to the traditional argument of all bitcoin opponents. “Cryptocurrencies are not covered by anything yet, ” Putin said.

Obviously, huge energy consumption can also be a problem, as computers consume extreme amounts of electricity during mining. Putin himself says that Russia wants to join the West and achieve carbon neutrality in 2060. It should be noted, however, that the oldest bitcoin today is not the only cryptocurrency, and some others deal with high consumption quite elegantly.

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An open door for the Chinese?

Our notification of events in China is no coincidence. Cointelegraph already mentionsthat the Irkutsk region observes up to a 160% increase in electricity consumption compared to last year. You’re right, it is believed that many Chinese have moved their computers across borders and plugged into Russian outlets.

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The Russian Ministry of Energy is therefore already preparing new tariffs for payments for electricity, which should differentiate between “normal consumption and miners”. After all, this is nothing new, even in our country, manufacturing companies have different prices than households. Due to the consumption of kryptonites, they do not have to be so different from companies.

Irkutsk is 1,700 kilometers from the Chinese border, but has many sources of energy in the form of hydroelectric power plants in the city of Irkutsk itself, as well as Bratsk and Ust-Illimsk.

For example, BitRiver, the largest mining pool in Russia, has its mining centers here. And according to the data mentioned by Cointelegraph, the Russians themselves can charge up to 11% of the global mining hash rate. More is mined only in the USA and, surprisingly, in neighboring Kazakhstan. That there would also be a lot of Chinese?

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