A massive mining rig is being planned for Russia

[BrolySSJ]

Mining rigs are one of the most common ways in which to earn crypto and it has become increasingly important in the last few months as the price of bitcoin has continued to rise drastically, resulting in the mining industry becoming more and more profitable. A company that is known as MineSpot is looking to open up Russia's largest mining rig.

The mining rig is expected to have a 160MW capacity and will not operate as a cloud mining facility. Instead miners will be able to bring their own mining equipment and operate it at the site as a sort of mining hotel.

What are your thoughts on this news? Do you think that mining rigs will continue to grow across the world as we are seeing in Russia?

 

[Joshua Farrell]

Sounds interesting. Hope this goes well for those who want to run it in Russia. I know the government isn't completely friendly to the whole concept, but I hope for the best, regardless.

 

[BrolySSJ]

Sounds interesting. Hope this goes well for those who want to run it in Russia. I know the government isn't completely friendly to the whole concept, but I hope for the best, regardless.

I think that perhaps there may be changes in the future regarding the stance that Russia takes on cryptocurrency. I have read an article where they have stated that as of 1st January 2021, cryptocurrency will be allowed in Russia, however it will not be used for buying anything. This may be a long shot, but i think that this can be the first step towards Russia moving towards a crypto friendly nation, even with regards to mining rigs such as this one.

 

[EagleEye]

Bit of a risky thing from what I see, wouldn't the ROI take a super long time?

 

[BrolySSJ]

Bit of a risky thing from what I see, wouldn't the ROI take a super long time?

I think that the ROI will not be that bad. If you think about it, the cost will be the mining rig equipment and perhaps energy costs. However if you look at the current price of bitcoin the profitability of mining has increased a lot. Therefore it is likely that this profit will be of great assistance in reducing the time needed to pay back your initial investment of the equipment, after which the person will only be liable for operating costs, i.e. the energy costs.

 

[Klashlly]

A massive Mining rig is being planned for Russia.​

Without the need to build or operate personal mining rigs, users avoid ... of Putin, announced plans to build a large-scale cryptocurrency mining ...
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A massive Mining rig is being planned for Russia.​

Without the need to build or operate personal mining rigs, users avoid ... of Putin, announced plans to build a large-scale cryptocurrency mining ...

 

[Ralphjoe]

This will be a great opportunity for people to actually mine some great Bitcoins especially now that the price of the coin is off the charts at this moment. And it's a great opportunity to those in russia hoping to mine Bitcoin.

 

[BrolySSJ]

This will be a great opportunity for people to actually mine some great Bitcoins especially now that the price of the coin is off the charts at this moment. And it's a great opportunity to those in russia hoping to mine Bitcoin.

Yes, the mining of bitcoin has become much more profitable recently, especially with there being such a rise in the price. The ratio of cost to mine the bitcoin to the actual value of the bitcoin has grown and this is why many have chosen to mine bitcoin at the moment. i think that the only thing to look into into such a development is the contract periods, as the contract period might affect your profitability of the price had to drop substantially.

 

[Lagazine]

This is beautiful but I doubt if its going to be free for all Russians. What I read somewhere about the massive mining is that, the previlege will be given to the Russian military to earn the coin for their personal use and for future purpose.

 

[BrolySSJ]

This is beautiful but I doubt if its going to be free for all Russians. What I read somewhere about the massive mining is that, the previlege will be given to the Russian military to earn the coin for their personal use and for future purpose.

Where did you read this news? Russia is not very accepting with crypto in general, however is such a rig is being used for the army it does show that the government is changing their stance of crypto quite drastically to allow it to be used for this reason. If i am not mistaken i think Venezuela is doing the same thing with their army as well to use crypto mining to subsidize their activities.

 

[Dowenship]

What makes bitcoin increase, if a company start the rigging process in large quantity it might lead to reduction in bitcoin value! Well I'm just saying what I believe wht the market price if bitcoin might turn into...................

 

[Nomad]

After China banned crypto currency mining, the miners moved to Europe and America. I have not read this news regarding Russian's mining farm but I thing this is a good news.

 

[Shigobad2020]

We all understand that minning Rig is an avenue to earn crypto currency while minning and it has its own minning capacity of 160MW , I believe since the minning rig was launched in Russian, its growing far and wide soon.

Mining rigs are one of the most common ways in which to earn crypto and it has become increasingly important in the last few months as the price of bitcoin has continued to rise drastically, resulting in the mining industry becoming more and more profitable. A company that is known as MineSpot is looking to open up Russia's largest mining rig.

The mining rig is expected to have a 160MW capacity and will not operate as a cloud mining facility. Instead miners will be able to bring their own mining equipment and operate it at the site as a sort of mining hotel.

What are your thoughts on this news? Do you think that mining rigs will continue to grow across the world as we are seeing in Russia

 

[BrolySSJ]

We all understand that minning Rig is an avenue to earn crypto currency while minning and it has its own minning capacity of 160MW , I believe since the minning rig was launched in Russian, its growing far and wide soon.

I think that various countries having their own cryptocurrency mining rigs is actually one of the key and integral step in ensuring that these countries actually join the cryptocurrency trend and start to legalize the currency into the financial system.

 

[Elfinito]

China had one of the biggest mining well I Bitcoin but after so much consumption of energy and the bad effect to the environment the government decided to put a ban on all crypto activities, so i just hope this goes well for russia

 

[Justin]

I think Russia is the best place to mine bitcoin because of cold climate Bitcoin mining requires temperature maintenance and clold places are considered ideal place.