Russia Allows Partial Bitcoin Mining…Details Here
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Answer Russia Allows Partial Bitcoin Mining…Details Here
- Russia gives way to mining activity in some areas.
- The Russian government is looking for opportunities that can be obtained through the crypto industry.
Despite the unclear position on cryptocurrencies in Russia, the working Russian administrations have reached a consensus on the need to legalize mining activity in electrification-rich regions.
The Chairman of the Finance Committee of the Russian Parliament said: Let them earn money.
Cryptocurrency experts in Russia collaborated and developed a working group aimed at creating a standard for energy-efficient and successful digital currency mining in the country.
Once these standards are in place, they will inevitably play a key role by providing investors with improved hardware uptime.
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As reported by Source:
This is expected to allow ventilation systems to be properly calibrated, taking into account factors such as humidity, appropriate seasons, region, and the exact location where the crypto-mining units are located.
The standard will also include a more scientific approach where computer modeling will take into account velocities and pressures.
The journey of crypto on Russian soil has not been smooth, based on previous calls for the sector to face a blanket ban.
Earlier this year, the Central Bank of Russia (CBR) launched an attack, hinting that activities related to cryptocurrency should be cancelled.
With a report titled “Cryptocurrencies Risks and Opportunities,” the Russian main bank made a close comparison between the world of cryptocurrency and fraudulent Ponzi schemes, noting that both have similarities.
Despite the negative result, the Russian political and technological oligarchs rejected the blanket ban.
Pavel Durov, CEO and founder of Telegram, stated that the technology underlying cryptocurrencies makes life easier from finance to art.
He added that despite urging federal authorities to regulate cryptocurrency, banning cryptocurrencies could be likened to throwing a child out with water, as such a move would not stop unscrupulous players as intended.
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Therefore, the latest development is a change of tune by the Russian administration regarding cryptocurrencies and an attempt to win the benefits offered by the crypto industry.
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