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Applications were sent to the Russian Association of CryptoCurrency and Blockchain (RACIB) by companies and individuals, residents of the EU and China.

According to the president of RACIB Yury Pripachkin, all applications mention bitcoin mining only. He added that in Russia the number of mining factories accounts for hundreds.

“Our country has energy resources that can be sold to miners effectively. In fact, this is a new market for energy companies, and it is important to prepare a legislative basis, and possible preferential taxation for such foreign investors,” he said.

Arseniy Shcheltsin, director of the RACIB, in his turn, said that the committee had formed a committee of miners with representatives from China and Slovakia. The committee is preparing proposals to increase the investment attractiveness of mining in Russia. The recommendations will be forwarded to the ministry of economic development and the Ministry of Energy of the Russian Federation.

According to the Ministry of Energy, the installed capacity of the Russian power system in 2016 amounted to 244.1 GW, while the maximum load at the same time was only 154.3 GW. This demonstrates that Russia suffers from excessive capacities. According to analysts, the total electricity consumption in the world for mining in 2016 was estimated at 1.46 terawatt-hours per year.

“With loading the current excessive 100 GW of Russian energy companies capacities, the Russian economy could attract about 1.7 trillion rubles ($28 billion) a year,” concluded Pripachkin.