Russia’s Irkutsk region saw its energy consumption rates surge by 160% following China’s crackdown on crypto mining.
Russia News
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Russia is the globe’s most sizable country in terms of land. On a map, Russia sits above Kazakhstan, Mongolia and China. Russia dwarfs China in geographic coverage, but not in terms of population — although Russia still lies among the globe’s most populous countries. The country is also known as the Russian Federation. The ruble serves as Russia’s national currency.
When it comes to Russia, cryptocurrency is still developing as a scene as the country evaluates its regulatory stance on various aspects of the asset class. In Russia, Bitcoin and other crypto assets are not an acceptable form of payment under the country’s regulatory climate, however. Owning cryptocurrency is also prohibited for folks working in certain government positions.
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The Russian president has not excluded the possibility that, at some point, crypto will become a “means of accumulation.”
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The U.S. now accounts for more than a third of the total Bitcoin mining activity, with Kazakhstan and Russia also becoming major locations.
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Crypto payments in the country are currently banned, but Russians have been allowed to purchase and trade digital assets like Bitcoin.
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The Bank of Russia also wants to slow down transactions to crypto exchanges to prevent “emotional” crypto purchases.
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The exchange was previously known as BTC-e, though its name was changed to WEX following legal difficulties in 2017.
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As Russia works to “more clearly prohibit the use of cryptocurrency,” the country’s largest data center operators aren’t really worried.
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The Russian central bank is planning to slow down payments to crypto exchanges and combat suspicious crypto activity.
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Countries vie for cryptocurrency miner business as Chinese miners move to greener pastures. Here's where they are ending up.
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Russia is moving to regulate cryptocurrency mining after legitimizing the broader crypto industry in January.
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Da Vinci’s artwork has received the highest bid at 150,500 BUSD in the Hermitage’s first NFT auction on Binance.
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The Russian government keeps insisting that payments in cryptocurrencies like Bitcoin would ruin its financial system.
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As the largest banking and financial institution in Russia and one of the world’s biggest public companies, Sber’s move into digital assets is a significant one.
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Russian investors now look at digital financial assets as an investment tool rather than just a “hype product,” AFD head Evgeny Masharov said.
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The 34-year-old convict was reportedly unable to make use of the stolen mining equipment due to a “lack of relevant knowledge.”
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