Russian Mining Center Raises Record-Breaking $43.2m Through ICO

News and Analysis

Russian Mining Center, a holding co-founded by a company owned by Russian internet ombudsman Dmitry Marinichev, has raised $43.2 million over an ICO, thus setting a new record amount raised by a local company.

Remarkably, the campaign sought to raise $100 million, therefore, they managed to attract less than 50% of the intended amount.

RMC planned to use the funds for development of Multicet processing unit that could increase mining efficiency tenfold. Another project the company sought to finance was development of a next-generation bitcoin miner called Sunrise.

Even though the company failed to raise the intended amount of funds, Marinichev stated he is satisfied with the campaign’s results. According to him, those funds are sufficient for production of new equipment.

He estimates that the annual revenue from miner sales in Russia comprises $180-200 million, with the market growing to reach $1 billion in 2 to 3 years. RMC plans to occupy 30 to 35% of the market.

Aside from that, Mr. Marinichev and partners are engaged in creating a mining farm located in the premises of a former car factory. It will form the core of Bitcoin-Russia mining pool which notably seeks to account for up to 10% of bitcoin’s global hashrate by the end of 2017.

This September, RMC and Radius Group have signed an agreement with OLDI, a federal retail network, to sell mining equipment.

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