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Russian Miner Coin (RMC) raised the equivalent of $43 million through an ICO last month, as it looks to challenge China and create a “next-gen ecosystem for miners and investors,” the company said.

This figure set a new record in the Eastern European ICO scene, but it’s worth noting that it fell way below the company’s initial $100 million target. “We raised enough to do our project,” RMC explained to EWDN, regarding the consequences of its failure to raise its full funds. “We needed only $10 million for development of Multiclet, our new generation processor. The remaining amount will be used to produce Sunrise, a built-in security chip. So, we’ve already started our work.”

The company is co-owned by Dmitry Marinichev, Russia’s controversial presidential Internet commissioner. It intends to locate mining computers based on Bitfury chips in individual Russian households, leveraging Russia’s consumer electricity prices. These are lower (80 kopeks or 1.3 cents per kilowatt hour) than in China, according to the company.

The tokens issued in the course of the ICO will have rights to 18 percent of the revenue earned with the company’s mining equipment, according to the ICO documentation. Thus everyone will receive “a chance to become the owner of the next-generation miner,” RMC explained.

This story originally appeared on Copyright 2017

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