A mining company which is owned by the controversial Russian internet ombudsman is planning to corner the mining market.
Dmitry Marinichev who was condemned in his home nation for trying to ban users from accessing Telegram is now heading up a new facility that is so large it could account for one-fifth of global output of Bitcoin.
He went on to comment:
Our idea consists of converting the factory and selling its computer power as a service, that is to say, offering IT services,
When speaking about a factory that used to be owned by the Russian mining giant Rusal.
The factory had to be closed due to sanctions and is located in the country’s northern province of Karelia.
It seems as these kinds of mega facilities are on the rise as it was recently reported that Canaan plans to list on the US stock market. There are no plans for this company to IPO but you never know.
The price of Bitcoin is consolidating today after its recent rise to print just above 10K on Saturday. The market heavily rejected being below 8K and shot higher over the weekend despite some prominent analysts calling for 6,500. If the price stays near these levels the mining industry will surely have a future as 6,500 seems to be a “cost of production” point for some major players but of course this depends on their location.
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