Russian mining firm plans to sweep up remaining 20% of Bitcoin

Last week, the 18 millionth Bitcoin was mined, and as the scarcity of the asset continues to rise, so does the greed of aspiring miners who want to sweep up the remaining coins.

A Russian government official now has plans to capitalise on the remaining 20% of the Bitcoin supply by opening a new mining centre.

Dmitry Marinichev, CEO of the Russian Mining Company (RMC), is planning on refurbishing an abandoned metal factory and converting it into a new major mining farm.

Speaking to Russian news outlet RBC, Marinichev revealed that the factory is located in Karelia and that it was initially closed in 2018 due to US sanctions.

He said: “Our idea consists of converting the factory and selling its computer power as a service, that is to say, offering IT services.”

Marinichev, who is also the Russian presidential internet ombudsman, has vocally criticised the Russian government in the past, lamenting its attempt to block instant messaging service Telegram in 2018.

He remarked at the time: “It is impossible to block it by blacklisting IP addresses. That way, the battle will go on endlessly, even if you consider that Telegram’s client part is open-source software whose inner workings can be analysed and comprehended.”

For more news, guides, and cryptocurrency analysis, click here.