Russia to lift ban on Bitcoin mining tomorrow, move could encourage other countries to mine Bitcoin

Hashlabs Mining founder Alen Makhmetov said Russia will lift its ban on bitcoin mining on November 1, but not without restrictions, requiring all bitcoin miners to register with the Russian federal tax registry and submit a list of machine models and wallet addresses. Digital Mining Solutions founder Nico Smid said Russia plans to build bitcoin mining and artificial intelligence computing facilities in BRICS countries, and other countries may follow suit to use underutilized energy to mine bitcoin. In mid-October, during the BRICS Business Forum in Moscow, Russia's sovereign wealth fund partnered with Russian data center operator BitRiver to build bitcoin mining and artificial intelligence computing facilities for BRICS countries. The project could lead to BRICS countries settling global trade in bitcoin - an alternative to a basket of local currencies and gold as a currency-backed program. Three of the BRICS countries - Argentina, Ethiopia and the United Arab Emirates - are already mining bitcoin using state-owned resources. Alen Makhmetov said Russia's bitcoin mining and artificial intelligence plans could be part of a broader attempt to gain geopolitical advantage. “Since IT infrastructure in these regions is limited, Russia sees an opportunity to expand its influence.” (Cointelegraph)