Siberia Bitcoin Mining is giving new life to the old region. Multiple Bitcoin Mining companies have set up shop in the area. The perennial cold climate and cheap electricity has made it a lucrative location for mining.
The Bratsk hydroelectric station in east Siberia has seen increasing number of Bitcoin Mining companies setting up in the region. The companies find the location lucrative as power is cheap. It also makes cooling technology cheaper as the climate is mostly snowy or cold.
Built during the Cold War to power Soviet manufacturing, the Bratsk hydroelectric station in Eastern Siberia is now fueling another energy-hungry industry: bitcoin mining. Several large mining farms have set up shop in Bratsk, an industrial city on the bank of the Angara River, taking advantage of the region’s low temperatures, which keeps cooling costs down, and the hydro plant’s abundant, inexpensive electricity.
Bratsk is an example of how the ruins of the Soviet empire have become fertile soil for new, somewhat exotic flowers. After the USSR collapsed and parts of the huge, mostly military-oriented industrial sector started to wither in the chaos of the nascent market economy, many factories had to shut down. In recent years, miners have taken up some of the slack.
“The surplus of electric power in Russia is huge, due to the closure of some of the Soviet plants and to the fact that energy consumption, in general, became much more efficient over time,” said Dmitry Ozersky, CEO of Eletro.Farm, a mining company building a large venue in Kazakhstan.
On Aug. 19, Bratsk mayor Sergey Serebrennikov visited Bitriver and made a statement published on the city’s official website. According to the mayor, the city of Bratsk is helping Bitriver “on every step of its development.”
“It’s an absolutely new part of the economy and commerce in Bratsk, and for us, this project is interesting in every regard,” the mayor said. “It’s providing new jobs and new big taxes paid to the city budget.”
The power-generating companies are friendly with the miners, too: the leadership of Irkutskenergo, the region’s power company, was spotted at the Baikal Blockchain and Crypto Summit in Irkutsk earlier his month.
PACtoken by Philippine boxing champion and celebrity Manny Pacquiao
Philippine boxing champion and celebrity Manny Pacquiao has launched his own cryptocurrency.
In a free concert in the Philippines, the boxer sang and invited his fans to use PAC tokens to buy merchandize.
Philippine boxing champion Manny Pacquiao launched his very own cryptocurrency on Sunday at a free concert in Manila, where he serenaded more than 2,000 fans to drum up interest in the product.
The 40-year-old boxer, who defeated Keith Thurman to win the WBA Welterweight Super Championship in July and is also a Philippine senator, hopes to cash in on his “Pac” tokens, which will allow fans to buy his merchandise and interact with him via social media.
The “Pac” token will be listed on Singapore’s Global Crypto Offering Exchange (GCOX) and counts Pacquiao and ex-Liverpool and England soccer star Michael Owen as private investors, along with Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family.
It is the world’s first celebrity cryptocurrency. Tennis ace Caroline Wozniacki, Owen and singer Jason Derulo also plan to launch their own crypto tokens with GCOX.
While many are skeptical of celebrity tokens, Pacquiao is very popular in south east asia. There may be mass adoption due to his influence.