Launched in 2017 by Dmitry Marinichev, who was at the time an internet ombudsman for Russian President Vladimir Putin, Russian Miner Coin sought to raise up to $100 million. The project's mission was to challenge China's dominance in the cryptocurrency mining industry by leveraging Russia's surplus energy capacity and developing a new, more efficient mining chip called "Multiclet". Investors in the ICO received RMC tokens, which entitled them to 18% of the revenue generated by the company's mining hardware. The project, however, failed to gain significant traction and has been inactive since its initial fundraising phase.