Hong Kong Company to Build Mining Farm on Russian Island

A Hong Kong-based cryptocurrency company plans to open cryptocurrency mining farm and AI lab on Russian island
24 November 2017   1401

Genesis Engineering is planning to set up a cryptocurrency mining farm and an artificial intelligence laboratory on Russia’s Russky Island which is situated in the Sea of Japan.

Genesis Engineering is a joint project of Btc Inc and Genesis Mining, formed earlier this month. It focuses on development in regions around the world that have excess energy capacity, including the Americas and Eurasia.

The company is interested in the region’s free plots of land and energy facilities, as well as preferential tax and customs duties. It plans to set up around 300 thousand square meters of production facilities, following a pilot project.


The Ministry for Development of Russian Far East statement

The territory also provides the free trade zone, so the tax preferences and the possibility of applying for a free customs zone are available to investors.

Alexander Abramov, director of the Far Eastern Center for Economic Development, upholds the idea of building mining farms in his region. He said that this venture is a step forward to cooperation with big economies.

Among other projects, the company intends to build a cryptocurrency mining farm, a crypto museum, and to develop training programs for students on a Russian island.

Chinese Miners to be Driving Force of Bear Market

Miners are playing short in order to get some profit
07 December 2018   101

As the 8btc notes, the new generation of miners are less likely to keep mined coins, preferring to hedge price risks by opening short positions.

To survive the notorious “cryptocurrency winter”, miners increasingly have to become experts of the financial market and risk managers, using the maximum functionality of trading platforms. Short positions sometimes harm the miners themselves, struggling to maintain profitability.

Everyone is short-seller, we do this for self-defense but that will lead to a further decline in cryptocurrency price… Without short selling, we will be eliminated ultimately, but if everybody keeps doing this, we will finally die together, which is quite heroic.


Miner, China

As noted by jin, he mines cryptocurrency partly on video cards. Miner began operations in October 2017. According to him, in the first two months, Jin Xin earned more than in the past three years in other areas of activity.

However, this year the situation has changed dramatically and the miner had to develop his own strategy for surviving in a bear market. To build capacity, he bought cheaply used GPU farms from those who wished to quit the game. Immediately after the price fell below the break-even point, Jin turned off the farm and sold the video card to video game lovers. After waiting for some price recovery, he again bought up video cards in the secondary market and sold them to miners.