Unusual ways Russians utilise cryptocurrency

Despite the country’s reputation for authoritarianism, Russians living outside of the big cities are finding ways to make the current craze for cryptocurrency work for them, sometimes in unusual ways.

Cryptocurrencies, including Bitcoin, are digital currencies that are entirely decentralised. They are not held by banks or subject to registration or legislation (although in Russia that could change). As a completely peer-to-peer led form of currency, it is no wonder it has appeal amongst some of Russia’s innovative, or anarchic, citizens.

Innovative heating methods

Consider the case of entrepreneurs in Baikal who have invested all their wealth into a series of ‘crypto-houses’. Using restored shipping containers and a series of powerful servers running non-stop to mine Bitcoins, the heat given off by the computers is used to warm a boiler which is then used to heat houses for free.

Ploughing for kolions

In 2014, in Kolionovo – a village near Moscow – agro-anarchists created their own currency, the kolion and in 2017, it went crypto.

Instead of ‘mining’ for kolions as you might do for other cryptocurrencies, kolion is ‘ploughed’ by working the fields, helping with farm work, doing construction, or otherwise contributing to the life of the village. Payment is received in digital kolions which can then be exchanged for other cryptocurrency or spent within the local economy.

Who would have thought that cryptocurrency could have such revolutionary potential? If you want to find out more about cryptocurrency, register your interest in our Bitcoin Investment Course Diploma which is coming soon.