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24.09.2021

How is cryptocurrency mined in Russia?

The press center of Blockchain Life and Limcore CEO Dmitry Shumaev discussed private mining, the possibilities of the LIMC token and love for the country.

Dmitry, I propose to start the conversation with your assessment of the prospects for cryptocurrency mining.
You know that now there are many discussions in the crypto community about the non-environmental friendliness and high cost of mining, as well as the benefits of Proof-of-Stake. What do you think of it?

For us, mining is an ordinary business that allows us to sell each terabyte no less profitable than leasing it out as a cloud service. Proof-of-Stake, to my regret, just prints coins / tokens without consuming anything or building any infrastructure. Did you miss PRIZM or UMI? This is basically a commonplace fraud.

What do you think is happening in the private mining market now? Has it retained its effectiveness?

Yes, today a return on investment of up to 3 years is a great business.
I consider 30% per annum in foreign currency as a super profit.

You have decided to locate the Limcore data center in Russia. What is the reason for this?

Russia is my Motherland. I love my country, despite the imperfections in the legislation.

I have opportunities to get out of the country for a long time already, but what’s the point? I want and will create products in Russia. Our country has given birth to a huge number of the greatest people. They conquered space, created rockets, made scientific discoveries, wrote works famous all over the world.

I hope that in the near future the “grab and dump away” thinking will no longer be relevant.
I want my sons to be proud of our country, but we have a lot of work to do.

At the same time, the mining industry is not yet regulated in Russia – how can the industry be affected by the possible introduction of a tax on the mining of cryptocurrency by the state?

Taxes are a normal part of any state. Let them be introduced – our financial model is stress-resistant to this.

Limcore is a very ambitious and promising project. Can you tell us what are your plans for the further development of the company?

We will bring the total storage capacity up to 10 EB, before the serial production of our own tape drive.

We also know that you are planning to start public sales of your own token on October 27 – the first day of the Forum. What opportunities will it give to its owners?

Yes, we had to attach ourselves to a date in order not to make the product for too long. You can improve endlessly.

By buying LIMC, the user, firstly, receives income from the mining of all coins and tokens in the Chia blockchain. Secondly, it will be able to sell it at a significantly higher price after listing on January 25th, since Chia Network is scheduled to list on NASDAQ in December this year and will equate the value of a share to the value of one token.

Chia Network has a very strong team and I am sure they will succeed.

Let’s talk about the upcoming Forum. A little more than a month is left before the event. How is your preparation going? What do you expect from meeting your potential clients?

There is not enough time to fully prepare for the Forum. We are making a large-scale release of a personal account and completing the construction work of the data center.

Honestly, we don’t expect anything from meeting potential clients at the Forum. We will present the product to the public, if they want to – they will participate, if they do not want to – they will ignore it. We already have a queue of potential buyers of the LIMC token, everyone is waiting for the start of sales.

Why did you choose Blockchain Life as a platform to promote your project?

All because of Geegun, I want to get to his performance.
It’ a joke.

Would you an advice to entrepreneurs who are just planning to enter the mining market?

Don’t worry, you won’t catch up with us anyway. Buy LIMC and don’t rack your brains.

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