Raup Rp 21.6 Billion per Month, This is Russia's Largest Bitcoin Mine

angga.ananda (27)in #bitcoin • 7 years ago

Bitcoin successfully attracted the attention of many people thanks to its ever-increasing value. Not a few of the world's population decided to invest in this virtual currency. However, do you know where it comes from bitcoin?

Russian businessman Dmitry Marinichev knows very well how this bitcoin can be produced. He also believes that the phenomenon of virtual currency (cryptocurrency) this could be a tempting business opportunity when used properly.

For Dmitry, cryptocurrency is a virtual coin that can be mined using computers that have been set up with complex algorithms. Bitcoin, the most popular cryptocurrency today, comes from a shared data network called blockchain.

That's why the man who is close to President Vladimir Putin is then building the largest bitcoin mine in Russia. The mine built in the former car factory's warehouse is able to reap 600 bitcoin per month which is equivalent to US $ 1.6 million or Rp 21.6 billion.

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Dmitry and his partner invested as much as US $ 10 million in the project. They are also able to get an additional US $ 43 million in initial coin offer or Initial Coin Offering.

Bitcoin mine is equipped with a variety of special computers that have been made by Dmitry team itself. There are also teams that are specially prepared to keep track of all the equipment for 24 hours. Video surveillance systems are also installed to avoid fires or other accidents occurring within the project.

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Dmitry hopes the project he is working on today could prove to the Russian authorities that cryptocurrency and blockchain technology is an important part of Russia's future.

"The main mission of this mine is business, but furthermore, it is a new milestone in the development of mankind," Dmitry explained.

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Previously, the Russian government through the Russian Federal Tax Authority has officially legalized the use of bitcoin and recognized it as one of the circulating currencies in the country as of November 2016.

This digital currency endorsement resulted in an increase in bitcoin prices in the Red Bear country to penetrate Rp 10 million / bitcoin.

Russia makes bitcoin a legal currency based on the awareness that digital cryptocurrency technology will be bigger and often used by people in transacting in the future.

With the digital currency endorsement, the Russian government can monitor cryptocurrency transactions that occur in the country thereby reducing the risks to the use of digital currency, such as money laundering and financing of terrorism.

A considerable population of about 146 million makes the Russian government believe its country has the potential to become a ruler of a market parallel to other countries, such as China and the United States.