Russia plans to grab what’s left of dwindling bitcoin supply

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Russia plans to grab what’s left of dwindling bitcoin supply 1

It is estimated that just 14 percent of the total lifetime allocation of bitcoin remains available, with BTC number 18 million being successfully mined only last week. If the allocation remains the same (some protocol changes may allow for circumstances where the total number of bitcoin could be increased in the future) it would mean the remaining bitcoins are worth some THIRTY TRILLION DOLLARS at the current price.

In a desperate attempt to sweep up the remaining coins, Russia has thrown all its efforts into establishing what could be one of the world’s biggest mining operations as they chase the colossal fortune. 

Marinichev – who also happens to be the Kremlin’s presidential internet ombudsman – will be spearheading operations at the factory in Karelia, on the country’s north west.

Speaking to Russian news service RBC, the technology guru said the factory had been closed down in 2018 following US sanctions on metal imports.

He also said a new life for the factory will provide many jobs for the economically challenged region.

“Now the plant is unprofitable, the electricity supplied to it is practically not being utilised, and people living in the single-industry town near the plant have nowhere to work,” he said.

“Our idea is to redesign the plant and sell its computing power as a service, that is, provide an IT service.”

It is believed the defunct steelworks could be fully operational as a bitcoin mining farm as early as June 2020.

• Coin Rivet is a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.


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