But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.
Russia is an important energy provider for Eastern Europe. They have energy in abundance especially from gas and coal sources. The prices stay around 0.064$/kWh. It's half of the energy's price in my country, and although it looks great for me for that reason, I don't know if it's an attractive price to set up mining farms or if it should be even cheaper.
The negative side is that renewable sources of energy are almost inexistent in Russia, what could lead many people to criticize this move from russian government and bitcoin once again, just like we have seen in another countries.
The people will criticize this move if they don't understand this thing but if they consider this as additional revenue, I believe they will open their minds and embrace this new technology. They can put out renewable sources of energy if they want to just to support miners, this will be the best remedy to high mining costs and electricity charges. There are always ways to find if they want to and I think, the Russian government has to think that as well. This will not just give benefits to a few people but this could be for everyone.