Russian RACIB Association plans to bring global crypto miners to Russia

The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB) announced a plan to transfer global computing resources for crypto mining to the Russian Federation. A RACIB spokesperson said that more information about the project is expected to be released later. The announcement pointed out that in order to promote and implement the project, RACIB is working closely with Russian government authorities and state-owned enterprises to form a series of joint working groups with local state agencies. As part of this project, RACIB has already cooperated with a number of foreign partners, including consortia of some of the largest crypto mining-related companies in China. The announcement stated that the companies in the alliance control "more than 25% of the global hash rate of major cryptocurrencies."