Bitcoin mining finds fresh support from Russian Finance Ministry

2022/05/07 21:09

As Russia continues to work on new regulations for the cryptocurrency industry, the Russian Ministry of Finance has expressed fresh support for Bitcoin (BTC) mining.

Russia should encourage the development of industrial-level cryptocurrency mining in the country, the Ministry’s director of the financial policy department Alexey Yakovlev urged.

There’s also no point in banning retail or household Bitcoin mining, Yakovlev said, as the local publication Prime reported on Thursday. The Russian lawmakers discussed the two categories of cryptocurrency miners at a recent round table called the “Mining regulation in Russia: For and against.”

According to Yakovlev, Russian officials reached a consensus on the regulatory framework for crypto mining companies long ago, supporting their work and requiring them to pay taxes.

But there’s still some disagreement regarding retail miners, Yakovlev said. He added that the Finance Ministry is not inclined to prohibit such mining, stating:

“We believe it’s necessary to focus on the development of industrial mining, but it probably does not make sense to ban household mining.”

Yakovlev went on to say that lawmakers continue working on the Russian crypto regulation bill, planning to maximize the economic efficiency and minimize potential risks like money laundering and terrorism financing as well as ensure the energy safety.

As previously reported, some major crypto mining-related companies in Russia would have no problem with running their operations in case the government starts a crackdown on crypto. BitRiver, the largest cryptocurrency mining colocation services provider in Russia, is unlikely to be affected by such actions, according to the firm’s CEO.

Russia’s Finance Ministry officially filed the first paperwork related to the country’s new crypto regulation bill in mid-February. The Ministry previously released a concept for regulating the crypto market, outlining the importance of the crypto mining industry in the country as Russia is ranked the third largest country by BTC mining hash rate as of August 2021.

More news about ビットコインマイニング会社

Jun 02, 2023 8:13 pm
Bitcoin mining company Cathedra Bitcoin plans to deploy Bitcoin mining machines at 360 Mining's Texas site
Bitcoin mining company Cathedra Bitcoin (CBIT) has entered into a partnership with off-grid Bitcoin mining company 360 Mining, and plans to deploy mobile data centers and Bitcoin mining machines at the Texas site owned by 360 Mining. 360 Mining provides the natural gas and power generation infrastructure to provide continuous power for Cathedra's Bitcoin mining machines. Cathedra will pay 360 Mining $55 per megawatt-hour of electricity consumed, plus 10 percent of the total bitcoin mined at the site. Both parties also retain the option to abandon bitcoin mining in order to sell the gas to the market if it is economically favorable. The partnership gives Cathedra the rights to 2.0 MW of generating capacity, with an initial deployment of 0.3 MW over the next 60 days.
Mar 01, 2023 8:45 pm
Bitcoin mining company Bitfarms produced 387 bitcoins in February
Bitcoin mining company Bitfarms produced 387 bitcoins in February, an increase of about 30% year-on-year and a decrease of about 20.4% month-on-month. Since its inception in 2017, Bitfarms has produced more than 20,000 bitcoins. In addition, Bitfarms sold all the bitcoins produced this month and repaid the $22.3 million mortgage loan. Bitfarms' debt has now dropped from $165 million in June 2022 to the current $22.7 million. As of February 28, 2023, the total computing power of Bitfarms is 4.7 EH/s, an increase of 104% year-on-year, and no change from the previous month.
Feb 08, 2023 12:45 pm
Bitcoin mining company TeraWulf self-mines 157 bitcoins in January, up 25% month-on-month
Bitcoin mining company TeraWulf released a production and operations update for January 2023, and self-mined 157 bitcoins in January 2023, an increase of more than 25% from December 2022. TeraWulf deployed 18,000 mining machines in January with a hash rate of approximately 2.0 EH/s, and of these mining machines, approximately 11,500 are fully owned with a hash rate of approximately 1.4 EH/s. , The remaining about 6,500 mining machines are hosted mining machines, and the company charges hosting fees and mining profit sharing for this.
Oct 07, 2022 10:32 am
Bitcoin mining firm Marathon Digital mined 360 bitcoins in September, bringing total holdings to 10,670
Bitcoin mining company Marathon Digital mined a total of 360 bitcoins in September. The total mining volume in the third quarter of this year was 616, with a total holding of 10,670 bitcoins, and no bitcoins were sold this month. In addition, Marathon Digital has a total computing power of 5.7 EH/s, and it plans to add about 19,000 mining machines in the next 30 days, with a capacity of about 2 EH/s.
Sep 06, 2022 7:17 pm
Bitcoin mining company Hut 8 Mining mined 375 bitcoins in August, with a total reserve of more than 8,100
Bitcoin mining company Hut 8 Mining mined a total of 375 bitcoins in August, 100% of which were deposited in custody. The current bitcoin reserve is 8111, and the installed computing power capacity at the end of the month is 2.98 EH/s. Foresight News previously reported that the bitcoin mining company Hut 8 Mining mined a total of 330 bitcoins in July, 100% of which were deposited in custody. The current bitcoin reserve is 7,736, and the installed computing capacity at the end of the month was 2.92 EH/s.
Aug 09, 2022 7:00 pm
Bitcoin Mining Company CleanSpark Acquires 86 MW Mining Facility
The location has 36 MW currently available and can scale up to 86 MW and the company purchased an additional 3,400 Antminers adding 340 PH/s to its hash rate.
Aug 09, 2022 8:42 am
Listed mining company Bit Digital mined 142.5 bitcoins in July, with a total reserve of 38,135 bitcoins
Bit Digital, a listed mining company headquartered in New York, mined a total of 142.5 BTC in July, an increase of 110.8% from the previous month. In addition, Bit Digital also deployed 12,044 Bitcoin mining machines in July, with a computing power increase of 1.09 EH/s. As of July 31, Bit Digital had a total hashrate of 2.7 EH/s, with reserves of 38,135 BTC and 731 ETH.
Aug 07, 2022 2:25 pm
Bitcoin mining company Hut 8 Mining mined 330 bitcoins in July, with a total reserve of more than 7,700
Hut 8 Mining, a bitcoin mining company, mined a total of 330 bitcoins in July, 100% of which were deposited in custody. The current bitcoin reserves are 7,736 bitcoins, and the installed computing capacity at the end of the month is 2.92 EH/s. Foresight News previously reported that Hut 8 Mining mined a total of 328 bitcoins in June, 100% of which were deposited in custody. The current bitcoin reserve is 7406, and the installed computing capacity at the end of the month is 2.78 EH/s.
Aug 03, 2022 7:13 pm
Bitcoin mining company BitNile mined a total of 59.9 bitcoins in July and currently holds about 200 bitcoins
In July, the bitcoin mining company BitNile mined a total of 59.9 bitcoins, and a total of 316.4 bitcoins have been mined. As of July 31, BitNile held about 200 bitcoins, and currently has no plans to sell them, and the annualized bitcoin mining output is currently expected to be 719 bitcoins.
Aug 03, 2022 6:08 pm
Bitcoin mining company CleanSpark mined a total of 384 bitcoins in July and sold 426
According to The Block, Bitcoin mining company CleanSpark mined a total of 384 bitcoins in July and sold 426 (average price of $20,768) for growth and operating expenses. As of the end of the month, it held a total of 519 bitcoins, with 30,450 mining machines, and a total hash rate of 2.9 EH/S.