Russian Bitcoin Miners want 20% of Global BTC Mining

[Crypto123 0]

20% of the global mining activity is a really big number !!! But do not know how it is technically done? Are mining companies going to buy or will they run huge mining equipment to be able to have such a percentage? In fact, this is interesting and Russia is one of the countries that have entered the field of Bitcoin strongly as China and will have a very big role in the future.

[sportlopez9000 232]

I almost don't believe the number of 20%. It seems to be too high? I guess the worry is that large mining companies will collude together to do a 51% attack on bitcoin, but they can for now make more than that attack would give just by mining. With the Russian legislation on Bitcoin looming I don't know if that will cause these miners to relocate. I would guess they use natural features for cooling like in Siberia... I would love to see some photos of these mines!

[Obydullah 65]

it is good deals.If they mining 20% o globaly bitcoin price is high and high.Its verygood for all crypto currency and crypto exchange.All valuable coin price is high when bitcoin price is high like Etherium ,Litecoin ,bitcoin cash And many coin rice rise after Bitcoin price high.We already see bitcoin price high when new invest in bitcoin mining.So its is very good.

[OBEH 117 321]

Of course, we want to mine more, but the main thing is that we can, because our electricity cost is 0.05 cents, at the moment this is one of the main components.

[sdsonjoy50 886]

I think it would not be good for us if Russia claimed 20% in that way, as it would have an impact on the crypto market and traders.

[HammadAli 91]

On 10/29/2019 at 9:30 PM, Consignee said:

Does this mean that there will need only 31% to have a 51% attack. I do not think this will be a good thing for Bitcoin. The community needs to do something about it or what?

I heard tone vays saying that centralised mining is different from centralization of other things like banking. What you think about it? 

[Akbor 1042]

I think this will be good for the Russian people if they can mine 20%but is will not be good for the other people. as there are many miners in all over the world . they also do mining to get profit.

[doriahailee 643]

I see so now some big community on each big country was competiting too, This was really interesting since China and Russia have the biggest mining farm today and i hope another big community from another country will join this train!!

[Grease Lightning 169]

So according to the news, can we conclude that Bitcoin is legal in Russia? If yes that is good news. All countries should act like that.

[lucky80 1046]

22 hours ago, Bololo said:

 

 

They also went to the company after consulting with management. This did not work in the United States, Europe or China.

This is a new quest in a magical land like Russia. I say what I need to say, the magic will finally come to the other part of the world. We need to have faith that blockchain will rule the world.

[lucky80 1046]

37 minutes ago, Bololo said:

So no need to panic we are waiting for the magic to take place for Russia as we suggest it to be

I am not panic, all people can see that. Your vocabulary is limited, so you need to add more words. I am exciting, my friend, Bololo.

[HammadAli 91]

21 hours ago, Bololo said:

I don really have much idea about the mini issues yet I am just a learner i wanna learn from you too

Tone vays is a person who speaks for crypto. He said that centralised mining is different from general concept of centralisation. But verification is needed whether he is right or not. 

[febriyana 934]

I think many company is compete to mining Bitcoin now. That is good news because the company want mining it with their investment. It will help the blockchain to process the transaction more stable.

But that is also problem for Home Miner, mining on the home is not good choice. Because many hashing power already taken by company. So your possibility to get mining reward is really low.

[Amir Vao 341]

On 10/29/2019 at 10:03 PM, xBDT Script said:

Russian Mining company Dmitry marinichev wants to take 20% of global bitcoin mining activity. They have been partnered with UK based exchange Cryptonex recently. They intent to grow the firms. As per the current block rewards and BTC price, the total earning will be $101.5m each month if they can grow it to 20%. Very much interesting.

News Source- https://bitcoinist.com/russian-bitcoin-miner-wants-20-percent-global-btc-mining/

It will be great for bitcoin. Bitcoin network will be more strong.

[Honny143 13612]

Russian people really one step away from us their technology and facilities are much better I agree but one single company hold 20% bitcoin mining rights it is not good because so many people want bitcoin mining what's the people do when the company gain the profit yes I know in Russia electricity bill cheap and they produce btc profitability but think other people's they also gain some profit

[Luciferludz 1442]

The Russian country are too much good in making their own heaviest and so powerfully machines, I hope their bitcoin miners would be so good

[tung12345 30]

This mining facility will buy power from the local electricity company though. Bitmain has plans to expand this facility later. They are thinking about a 300MW facility, which would be one of the biggest in the world.

[palalu 512]

has this been done right now? because I do not see extreme price movements from the bitcoin chart if that been happen

[Usman Abdulmumin 354]

everything is going entirely well with mining, all since they have free attachments with power or even their very own capacity plants, they likewise mine at undertakings by concurrence with the administration, this won't work in America, Europe and China.

[Nakamoto 279]

8 minutes ago, lala Balarukh said:

It would be terrible for such a nation as Russia to claim a gigantic rate of the bitcoin mining since they would have control over all the advertise and control the cost in their favors.

20% is a good number. This is a sign that Russia has begun to support the development of bitcoin. This should be able to bring in new investors and help accelerate bitcoin transactions.

[McCree 713]

On 10/29/2019 at 6:30 PM, Consignee said:

Does this mean that there will need only 31% to have a 51% attack. I do not think this will be a good thing for Bitcoin. The community needs to do something about it or what?

No mining company currently controls more than half of the hash power. To do that they will need to control 50 exahashes/second of power which means they will need to buy thousands of mining rigs (the Antminer S17 mines 56 TH/second).

[Ionescu 115]

Russia is a very big country and they surely have enough money to invest in bitcoin mining. If they really wanted to take control of 20% of bitcoin mining I think they would have already done that 

[McCree 713]

On 1/31/2020 at 11:15 PM, Ionescu said:

Russia is a very big country and they surely have enough money to invest in bitcoin mining. If they really wanted to take control of 20% of bitcoin mining I think they would have already done that 

It's not the russian government that wants the mining power, just a bunch of mining enthusiasts from russia. Take the 81% collective hash power that chinese miners control, the chinese government did not collect all that power at all.

[Apple 202]

On 1/31/2020 at 9:33 PM, McCree said:

No mining company currently controls more than half of the hash power. To do that they will need to control 50 exahashes/second of power which means they will need to buy thousands of mining rigs (the Antminer S17 mines 56 TH/second).

Maybe you mean a combination of a pool, not a mining company. If they have half of the hash power then the company is the one we have to worry about.

 

[Zisan95 71]

Mining is not profitable. Trading is profitable. Because, for mining cryptocurrency, you need to invest a lot of money. You have to build a super computer with higher configuration.For mining cryptocurrency, you need to invest a lot of money. You have to build a super computer with higher configuration. You also need a faster internet connection and graphics card.