A stupid and smart move

If you pay any attention to the crypto world, you know what China is doing: ban all cryptos and drive away all the crypto mining companies. To me, this is a rather stupid move as far as I can see as they are killing a booming industry that can hugely benefit the country in the long run. Well, this stupidity is a gain for others! Russia is much smarter in this sense and they are serious about attracting China's crypto mining companies. They're working with government authorities, as well as state-owned enterprises, to determine how to get these Chinese firms into Russia. Here's the headline of their global announcement:

Taken from Racib.com

In this announcement, they list six specific reasons why mining companies should move to Russia.

1. A high degree of centralization of the Russian energy system - about 90% of the total electricity is generated by large power plants;
2. A large excess of electricity in the Russian Federation; depending on the specific region and the generating facility (even taking into account the high degree of wear and tear of the power plant equipment and power redundancy), it may amount to more than 50% of its installed electric capacity;
3. Cold climate, which provides the possibility of organizing equipment cooling without the use of special refrigeration units (free cooling) and high energy efficiency of data centers;
4. Excess of traditional fuel and energy resources;
5. The specifics of socio-economic factors - a high level of professionalism of specialists;
6. Large territories with a low density of settlements - the possibility of deploying large energy and infrastructure facilities.

In a few years time, we will see what impact today's move of both countries will have for their economy. Whether you like it or not, crypto is the future for the world, which will only become more important for our daily life. Therefore, any attempt to nullify it is not only an empty effort, it will also make competitors stronger!!