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Suleiman Kerimov is engaged in mining with Bitfury


Suleiman Kerimov, a billionaire,  member of the Federation Council of the Republic of Dagestan,a head of the financial-industrial group “Nafta Moscow”, an owner of the football club “Anji” became interested in a large-scale project in the field of cryptocurrencies.


In summer, Karimov met with venture capital funds, state departments and companies that engaged in digital currencies.


According to some reports, Karimov seriously interested in mining – he held several meetings with Bitfury – the largest operator of cryptocurrency mining.


For Bitcoins mining is needed at least two components: a low-cost electricity and equipment – especially, ASIC processors. Bitfury was established in 2011, by a resident of Latvia Valery Vavilov and Ukrainians Valery Nebesnyi. It is one of the leading manufacturers of equipment for Bitcoins mining and infrastructure providers.


Annually, the company produces a new generation of chips that help to mine Bitcoins on an industrial scale. Bitfury – one of the largest players in the market of Bitcoins mining, it is among the top five of the pools for processing power, producing 9% of all Bitcoins in the world. The company does not conduct retail sales, working only with corporate clients.


According to the source, Karimov has faced difficulties due to the absence in Russia a clear legal framework regarding cryptocurrencies.


“Karimov went on to state structures, but then came to a halt,” – says one of the Bitcoin market participants.


Georgyi Basiladze, co-founder of Cryptopay (the service that allows utilizing the payment infrastructure of Bitcoin) said that to Kerimov in Bitcoin market had invested a billionaire Yuri Milner from DST (Digital Sky Technologies – the international venture capital fund that invests in Internet companies on later stages) and one of the founders of the social network “Vkontakte” Lev Leviev.


Basiladze believes that interest in Bitcoin is not lost, though the former excitement has abated.керимов


“In this area, there are major serious people, such as the bank consortium R3», – he explains.


Aleksey Bragin, a former head of the stock exchange Bitcoins ICBIT, has no seen reason for the interest in Bitcoin is gone.


“Mining of Bitcoins is always interesting because it is the basis for the functioning of the network and blockchain. You can compare it to the server hosting and cloud providers – no matter what happens on the Internet, hosting is always needed. The question is how to make mining more profitable, “- he explains.


In Russia, the attitude of the authorities to Bitcoin is not yet defined: on the one hand, not so long ago they were called as “money substitutes” and offered to introduce criminal responsibility, and on the other – continues the discussion about regulatory capacity and the creation of the state cryptocurrency.


Deputy Finance Minister Alexei Moiseev said that the applying of cryptocurrencies in Russian, including Bitcoin – is not a mass phenomenon and therefore does not threaten the stability of the financial system.


State Duma Deputy Andrei Lugovoi suggested adopting a law on cryptocurrency, under which transaction information will be available to supervisors, licensed mining and process participants identified.