The TerraCrypto forum was held at Art Hotel in Moscow on July 25, bringing together crypto enthusiasts and representatives of all the leading mining companies. The communications agency Drofa also attended the conference and is happy to share its takeaways.
RocketBounty founder Peter Kondaurov kicked off the event. In his presentation, Peter recounted his personal experience of getting into mining and the challenges he faced when creating his crypto farm.
Over 15 sessions and 3 panel discussions were held in total, covering the latest topics in mining and blockchain.
The discussion around government regulation of mining in Russia was particularly heated. CryptoUniverse managing partner Mikhail Kvasnikov had a very positive outlook on intervention by the government: his view is that people need a government oversight body and any business needs regulation, including the mining industry. According to him, there is a surplus of electricity around the country, which could be exported, implementing the Japanese model for using cryptocurrencies. That would benefit both sides, the government and the mining companies.
BitBaza CEO Daniil Zakomolkin believes that by increasing electricity costs, the government is cracking down on miners in Russia. He also believes that legal support and growth in mining activities within Russia are needed right now, since for several years now mining companies have been in “limbo” because of the legal gray area this sector is in. He encouraged the audience in the room to move from banning to stimulating.
It was clear from what the presenters said that overall mining companies tread a difficult path of buildng up their internal business processes. Once a mining farm has been built and fine-tuned, at any moment a customs inspection could show up from the government, checking every miner for a Cargo Customs Declaration (CCD) and receipt of sale. Intelion Mining commercial director Aleksandr Shashkov advised miners just starting out to do their due diligence on contractors and equipment documentation, and not to assume they can trust sources of cheap electricity.
Companies such as CryptoUniverse, Bit Cluster, EXTO Exchange, MinerPark, Coinfly, CryptoPay, BitBaza, and others set up booths at the conference to introduce themselves and their services.
We look forward to attending TerraCrypto next year as well.