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Now in Russia there are no manufacturers of specialized devices for cryptocurrency mining, and multibillion-dollar investments are needed for the development of this area, business representatives are sure
On April 6, the Ministry of Industry and Trade proposed at the legislative level to oblige miners to use Russian equipment as a matter of priority. The department explained that this is necessary to level the risks of information security.
“It is proposed to establish a legislative requirement for the predominant use of Russian hardware and software systems, radio-electronic products and software, if they are available and available on the market for industrial production (“mining”) of cryptocurrency assets in Russia,” the ministry said in a statement.
BitCluster CEO Sergey Arestov called the proposal of the Ministry of Industry and Trade “a great idea” and added that we need to move along this path. However, Arestov warned that we are now only at the beginning of this journey.
According to the head of the mining company, there are currently no manufacturers of specialized mining equipment in Russia. He emphasized that the miners are equipped with specialized microcircuits, which are mainly produced in Taiwan or Korea.
For example, formally Elbrus processors are manufactured by MCST. But in fact, this processor is made at the TSMC factory in Hsinchu, Taiwan, Arestov said. Due to international sanctions, TSMC has suspended the supply of processors to Russia. The same applies to the Russian Baikal processor – it is also produced in Taiwan at the TSMC factory.
“Unfortunately, the Russian Federation is currently unable to ensure the production and quality of equipment for mining. All elements for creating amplifiers, memory modules, information storage devices, controllers are all imported,” Arestov warned.
According to him, it is possible to establish the production of miners in Russia with the right policy of the state: it is necessary to attract and train personnel, build specialized factories, and create a technology park for production.
CEO of the largest mining pool in Eastern Europe EMCD Michael Jerlis believes that the opportunity to purchase equipment in Russia will speed up the process of putting it into operation. The production and design of ASIC chips used in mining are resource-intensive, and billions of dollars of investments are needed to develop this area in Russia, Jerlis concluded.
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