Putin's advisor plans to raise $100 million in ICO, targeting Bitcoin mines

Recently, the price of Bitcoin has hit a new high, which has also boosted Bitcoin mining. Recently, an adviser to Russian President Putin plans to raise $100 million through ICO and use it for Bitcoin mining.

This week, Dmitry Marinichev, the internet services commissioner in Putin’s office, revealed that he was raising funds for a “Russian mining company.”

According to a published report, the team plans to deploy a 20-megawatt mining farm using chips produced domestically in Russia. Bitcoin mining is an energy-intensive process responsible for adding new transactions to the blockchain, with the current reward for each mined block being 12.5 BTC, or about $42,000.

It is reported that this ICO is divided into two parts. The pre-sale part started yesterday and will last until August 25, and the second phase will take place between August 28 and September 2.

The ICO will be conducted on a service platform created by the Russian Growth Party, which was first announced in June this year.

According to a blog post, Russian billionaire and Growth Party Chairman Boris Titov mentioned yesterday that the platform will act as a screening mechanism for those ICO projects.

He told attendees:

“Within the framework of this ICO producer, we will conduct a preliminary screening of projects (regarding their legal and economic expertise) to ensure that these companies are not scammers, giving investors in the ICO market peace of mind.”

Bloomberg, which also attended the press conference, reported that Marinichev laid out an ambitious plan:

“Russia has the potential to reach a share of almost 30 percent of the global cryptocurrency mining market in the future,” he said.

If the ICO project successfully completes its financing target, it will be another ICO project that has received huge amounts of financing. According to incomplete statistics, the financing received by the ICO market has exceeded US$1.6 billion so far.