It is known in the industry that the supply of bitcoin is finite and that one day in the future, the last token will be mined. Despite this, it does not get a great deal of attention as of now because it is believed that it would take decades before the last bitcoin is mined and thus, the total token supply is really discussed except when a halving is about to take place and discussions about the hash rate. Despite all of this, it is important to talk about the overall bitcoin supply and how it will be affected by the expansion of cryptocurrencies around the globe.
According to reports from October 29, 2019, the Russian Mining Company (RMC) intends to mine 20 percent of the global crypto bitcoin supply.
Plans to Mine 20 Percent
In order to achieve this goal, the Russian mining company intends to repurpose an old factory in the province of Karelia which was closed in 2018 due to sanctions by the US. According to the report, the mining plant to be established will be so big it could mine 20 percent of the total bitcoin supply.
“Our idea consists of converting the factory and selling its computer power as a service, that is to say, offering IT services,” their CEO said.
Their CEO has some links to the Kremlin but has been critical of government policy, particularly those that affect internet use. This includes initial plans to block Telegram from being used in Russia which he was critical of but they have gone on just thrive within Russia and are even looking towards their own token.
“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,” he said at the time.
While this project is certainly ambitious, it will be going up against a lot of heavyweights as Bitmain is currently looking towards its own facility in Texas which they claim will be the most powerful in the next few years and as mining continues to thrive both in Russia and China, other large firms will likely spring up with high hopes as well.