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š·šŗ JUST IN: Bank of Russia supports Cryptocurrency usage for international settlements. #CryptocurrencyAlert #bitcoinhalving #russia
90% Traders situation right now š„µš
Here is a list of all Bitcoin pullbacks dating to the Bear Market Bottom of 2022:
ā¢ -23% (February 2023)
ā¢ -21% (April/May 2023)
ā¢ -22% (July/September 2023)
ā¢ -21% (January 2024)
ā¢ -18% (March 2024)
ā¢ -23.6% (April/May 2024)
This current retrace is officially the deepest in the cycle
ā¤ļøITS Time TO Support The Feed Creator Plz Support Us Brother And Sister With your Tipsā¤ļø
#BTCā¬ #Pakistan #china #russia #Turkey
Here is a list of all Bitcoin pullbacks dating to the Bear Market Bottom of 2022:
ā¢ -23% (February 2023)
ā¢ -21% (April/May 2023)
ā¢ -22% (July/September 2023)
ā¢ -21% (January 2024)
ā¢ -18% (March 2024)
ā¢ -23.6% (April/May 2024)
This current retrace is officially the deepest in the cycle
ā¤ļøITS Time TO Support The Feed Creator Plz Support Us Brother And Sister With your Tipsā¤ļø
#BTCā¬ #Pakistan #china #russia #Turkey
See original
šØ Russia: Would Vladimir Putin like to focus on cryptocurrency mining?
āļø Osman Kabaolev, the deputy director of the financial policy department of the Ministry of Finance, confirmed the news to local media Izvestia. For the moment, Bitcoin mining is not recognized as an economic activity in the middle of the Russian Federation
āļøBut the Ministry of Finance wants to change this: cryptocurrency mining will soon have an OKVED code, that is to say a classification which details the nature of an economic activity. This classification governs in particular the specificities linked to taxes and state aid. This is also what opens the door to certain licenses
āļø But before this happens, a law governing cryptocurrency mining will need to be approved, again according to Oman Kabaolev. This would take Bitcoin miners out of the gray zone in which they currently operate. Russia has not in fact legislated clearly on this subject.
āļø We recall that last March, Vladimir Putin signed a law authorizing digital financial assets and central bank digital currencies (MNBC) for international payments. The law governing mining and cryptocurrencies in general would therefore be a logical continuation. #minage #russia #cryptomonnaie #bitcoinhalvingn
āļø Osman Kabaolev, the deputy director of the financial policy department of the Ministry of Finance, confirmed the news to local media Izvestia. For the moment, Bitcoin mining is not recognized as an economic activity in the middle of the Russian Federation
āļøBut the Ministry of Finance wants to change this: cryptocurrency mining will soon have an OKVED code, that is to say a classification which details the nature of an economic activity. This classification governs in particular the specificities linked to taxes and state aid. This is also what opens the door to certain licenses
āļø But before this happens, a law governing cryptocurrency mining will need to be approved, again according to Oman Kabaolev. This would take Bitcoin miners out of the gray zone in which they currently operate. Russia has not in fact legislated clearly on this subject.
āļø We recall that last March, Vladimir Putin signed a law authorizing digital financial assets and central bank digital currencies (MNBC) for international payments. The law governing mining and cryptocurrencies in general would therefore be a logical continuation. #minage #russia #cryptomonnaie #bitcoinhalvingn
š·šŗ Russia Adopts Crypto for International Transactions! š
In a major development, the Russian parliament has approved legislation permitting the use of cryptocurrencies for international payments. šš° This decision represents a notable shift in Russia's approach to digital assets and their role in global finance. š
The new law, once enacted, aims to enhance international trade and reduce the effects of Western sanctions. š”ļøšø By integrating cryptocurrencies, Russia seeks to create a more efficient and streamlined system for cross-border transactions. š³š
As this news unfolds, it underscores the growing acceptance of cryptocurrencies as a credible alternative to conventional payment systems. ššŖ Could other nations adopt similar measures? š¤š
Keep an eye out for further updates on this significant development! šš¢
#cryptonews #russia crypto
In a major development, the Russian parliament has approved legislation permitting the use of cryptocurrencies for international payments. šš° This decision represents a notable shift in Russia's approach to digital assets and their role in global finance. š
The new law, once enacted, aims to enhance international trade and reduce the effects of Western sanctions. š”ļøšø By integrating cryptocurrencies, Russia seeks to create a more efficient and streamlined system for cross-border transactions. š³š
As this news unfolds, it underscores the growing acceptance of cryptocurrencies as a credible alternative to conventional payment systems. ššŖ Could other nations adopt similar measures? š¤š
Keep an eye out for further updates on this significant development! šš¢
#cryptonews #russia crypto
š·šŗ Russia Legalizes Crypto Mining!!!
Russia has taken a significant step in embracing cryptocurrency with the State Duma passing two pivotal laws. The first law, set to take effect on November 1, 2024, fully legalizes cryptocurrency mining in the country. Legal entities and registered entrepreneurs will be allowed to engage in mining activities, while those not registered can only operate mining rigs if they do not exceed certain energy consumption limits. Oversight of mining activities will be shared among various institutions, with the Bank of Russia holding considerable authority.
Miners will be required to report their digital currency earnings to a government-authorized body. This law also introduces a ban on advertising cryptocurrencies and offering them to the general public. The Russian government, in agreement with the Bank of Russia, will establish specific requirements for mining operations, including for participants in mining pools.
The second law, which comes into force on September 1, 2024, introduces an experimental regime allowing the Bank of Russia to authorize selected companies to conduct cross-border settlements and exchange trading in digital currencies. Companies interested in participating in this experimental regime must apply to the central bank. The experiment will explore the use of cryptocurrency for foreign trade settlements, exchange trading, and the creation of an electronic platform for cryptocurrency operations.
These legislative moves reflect Russia's strategic approach to integrating cryptocurrency into its economy, while maintaining strict regulatory oversight to ensure financial stability. The global crypto community will be watching closely to see how these changes influence both the Russian market and the broader crypto industry.
What's your opinion on this? I personally love it. Thanks Putin.
Drop a comment below!
#russia #mining #cryptomining #bitcoinnews #bitcoin $BTC
Russia has taken a significant step in embracing cryptocurrency with the State Duma passing two pivotal laws. The first law, set to take effect on November 1, 2024, fully legalizes cryptocurrency mining in the country. Legal entities and registered entrepreneurs will be allowed to engage in mining activities, while those not registered can only operate mining rigs if they do not exceed certain energy consumption limits. Oversight of mining activities will be shared among various institutions, with the Bank of Russia holding considerable authority.
Miners will be required to report their digital currency earnings to a government-authorized body. This law also introduces a ban on advertising cryptocurrencies and offering them to the general public. The Russian government, in agreement with the Bank of Russia, will establish specific requirements for mining operations, including for participants in mining pools.
The second law, which comes into force on September 1, 2024, introduces an experimental regime allowing the Bank of Russia to authorize selected companies to conduct cross-border settlements and exchange trading in digital currencies. Companies interested in participating in this experimental regime must apply to the central bank. The experiment will explore the use of cryptocurrency for foreign trade settlements, exchange trading, and the creation of an electronic platform for cryptocurrency operations.
These legislative moves reflect Russia's strategic approach to integrating cryptocurrency into its economy, while maintaining strict regulatory oversight to ensure financial stability. The global crypto community will be watching closely to see how these changes influence both the Russian market and the broader crypto industry.
What's your opinion on this? I personally love it. Thanks Putin.
Drop a comment below!
#russia #mining #cryptomining #bitcoinnews #bitcoin $BTC
Dogs Coin Future Prediction
Dogs Coin: A Look into the Future
A Brief Introduction
Dogs Coin is a relatively new cryptocurrency that recently launched at a price of $0.001. It has generated significant buzz in the crypto market, but its value has dropped since then. Let's explore the potential future of Dogs Coin and what you should consider.
Future Prospects
The price of any cryptocurrency is influenced by several factors, including:
* Increased Adoption: If more people start using Dogs Coin, the demand for it could rise, leading to an increase in price.
* Project Development: If the Dogs Coin team successfully develops the project and adds new features, it could boost investor confidence and drive up the price.
* Market Conditions: The overall state of the crypto market can also impact Dogs Coin's price. If the market is bullish, Dogs Coin's value might rise.
What to Do
* Research: Before investing, thorough research is essential. Read the Dogs Coin whitepaper, learn about the team, and explore the opinions of other investors.
* Long-Term Perspective: Investing in cryptocurrencies can be risky. If you decide to invest in Dogs Coin, maintain a long-term perspective.
* Diversify: Diversify your investments. Don't allocate your entire portfolio to Dogs Coin.
* Understand Your Risk: Cryptocurrency prices can be highly volatile. Invest only what you're prepared to lose.
Conclusion
Dogs Coin is a new cryptocurrency, and its future is uncertain. It's crucial to conduct your own research and make informed
decisions.
Disclaimer: This information is for informational purposes only and should not be considered investment advice. Please consult with a financial advisor before making any investment decisions.
Additional Tips:
* Stay Updated: Keep track of any news or updates related to Dogs Coin.
* Join the Community: Engage with the Dogs Coin community and discuss with other investors.
* Control Your Emotions: Avoid being influenced by market fluctuations and make rational decisions.
Key Points:
* Dogs Coin is a relatively new cryptocurrency.
* Its price is influenced by various factors.
* Conduct thorough research before
investing.
* Maintain a long-term perspective.
* Understand the risks involved.
$DOGS
#cryptobinance #binancearticle
#russia #cryptoworld #dogs
A Brief Introduction
Dogs Coin is a relatively new cryptocurrency that recently launched at a price of $0.001. It has generated significant buzz in the crypto market, but its value has dropped since then. Let's explore the potential future of Dogs Coin and what you should consider.
Future Prospects
The price of any cryptocurrency is influenced by several factors, including:
* Increased Adoption: If more people start using Dogs Coin, the demand for it could rise, leading to an increase in price.
* Project Development: If the Dogs Coin team successfully develops the project and adds new features, it could boost investor confidence and drive up the price.
* Market Conditions: The overall state of the crypto market can also impact Dogs Coin's price. If the market is bullish, Dogs Coin's value might rise.
What to Do
* Research: Before investing, thorough research is essential. Read the Dogs Coin whitepaper, learn about the team, and explore the opinions of other investors.
* Long-Term Perspective: Investing in cryptocurrencies can be risky. If you decide to invest in Dogs Coin, maintain a long-term perspective.
* Diversify: Diversify your investments. Don't allocate your entire portfolio to Dogs Coin.
* Understand Your Risk: Cryptocurrency prices can be highly volatile. Invest only what you're prepared to lose.
Conclusion
Dogs Coin is a new cryptocurrency, and its future is uncertain. It's crucial to conduct your own research and make informed
decisions.
Disclaimer: This information is for informational purposes only and should not be considered investment advice. Please consult with a financial advisor before making any investment decisions.
Additional Tips:
* Stay Updated: Keep track of any news or updates related to Dogs Coin.
* Join the Community: Engage with the Dogs Coin community and discuss with other investors.
* Control Your Emotions: Avoid being influenced by market fluctuations and make rational decisions.
Key Points:
* Dogs Coin is a relatively new cryptocurrency.
* Its price is influenced by various factors.
* Conduct thorough research before
investing.
* Maintain a long-term perspective.
* Understand the risks involved.
$DOGS
#cryptobinance #binancearticle
#russia #cryptoworld #dogs
BREAKING!!
Russia to pass #BTC #cryptoregulation #russia #April #cryptoved
and crypto regulations in April - State Duma's
Chairman of the financial markets committee
Russia to pass #BTC #cryptoregulation #russia #April #cryptoved
and crypto regulations in April - State Duma's
Chairman of the financial markets committee
The Russian Parliament has voted on a bill that could pave the way for the adoption of a digital version of the ruble.
#ruble #russia #crypto2023
#ruble #russia #crypto2023
See original
š”Which crypto exchanges continue to operate in Russia in the fall of 2024
šŖDespite various restrictions, several large crypto exchanges continue to operate in Russia in the fall of 2024. Here are some of them:
ā¬ļø1. Bybit: One of the most popular exchanges among Russian users. Its P2P platform has limited payment methods related to the Russian ruble, but other services are fully available
š§2. OKX: This exchange ranks third in daily trading volumes and continues to provide services to Russian users without new restrictions
ā¬ļø3. HTX (formerly Huobi): One of the oldest platforms in the industry, also continues to operate in Russia
š§4. KuCoin: Ranks fifth in daily trading volumes and continues to serve Russian users
ā¬ļø5. Deribit: Cryptocurrency derivatives marketplace that also offers spot trading
#russia #btc #p2p
šŖDespite various restrictions, several large crypto exchanges continue to operate in Russia in the fall of 2024. Here are some of them:
ā¬ļø1. Bybit: One of the most popular exchanges among Russian users. Its P2P platform has limited payment methods related to the Russian ruble, but other services are fully available
š§2. OKX: This exchange ranks third in daily trading volumes and continues to provide services to Russian users without new restrictions
ā¬ļø3. HTX (formerly Huobi): One of the oldest platforms in the industry, also continues to operate in Russia
š§4. KuCoin: Ranks fifth in daily trading volumes and continues to serve Russian users
ā¬ļø5. Deribit: Cryptocurrency derivatives marketplace that also offers spot trading
#russia #btc #p2p
Bitcoin Nears $60K as Crypto Bounce Accelerates, but Recovery Might Be Choppy
- Bitcoin advanced 6.4% over the past 24 hours, currently changing hands at $59,500. Ether {{ETH}} topped $2,600, up 8.8% during the same period, snapping its losing streak against BTC.
- Market observers pointed to two favorable developments that supported the rally in bitcoin and crypto prices.
- A U.S. judge approved on Thursday that FTX and its sister trading firm Alameda Research will pay out $12.7 billion to creditors. Many hope that part of the funds will flow back to crypto markets as former users reinvest the proceedings in digital assets.
- Meanwhile, Russian President Vladimir Putin signed a bill that legalizes crypto mining in the country. "Russia seems to be acting to keep up with the US. Nation-level bitcoin FOMO (fear of missing out) is heating up," said Ki Young Ju, CEO of crypto analytics firm CryptoQuant. "Their entry will boost the hashrate, strengthen network fundamentals, and diversify miner politics."
- With today's gain, bitcoin has now completely reversed its weekly candle that wicked to as low as $49,000 early Monday to positive.
- While there's plenty of time until Sunday's weekly close, if BTC finishes the week around the current prices, it would form a hammer candlestick. That's a bullish chart pattern in technical analysis that often appears at the bottom of downtrends, hinting at a trend reversal.
#TONonBinance #XRPVictory #MarketDownturn #RussiaCrypto #russia $BTC
- Bitcoin advanced 6.4% over the past 24 hours, currently changing hands at $59,500. Ether {{ETH}} topped $2,600, up 8.8% during the same period, snapping its losing streak against BTC.
- Market observers pointed to two favorable developments that supported the rally in bitcoin and crypto prices.
- A U.S. judge approved on Thursday that FTX and its sister trading firm Alameda Research will pay out $12.7 billion to creditors. Many hope that part of the funds will flow back to crypto markets as former users reinvest the proceedings in digital assets.
- Meanwhile, Russian President Vladimir Putin signed a bill that legalizes crypto mining in the country. "Russia seems to be acting to keep up with the US. Nation-level bitcoin FOMO (fear of missing out) is heating up," said Ki Young Ju, CEO of crypto analytics firm CryptoQuant. "Their entry will boost the hashrate, strengthen network fundamentals, and diversify miner politics."
- With today's gain, bitcoin has now completely reversed its weekly candle that wicked to as low as $49,000 early Monday to positive.
- While there's plenty of time until Sunday's weekly close, if BTC finishes the week around the current prices, it would form a hammer candlestick. That's a bullish chart pattern in technical analysis that often appears at the bottom of downtrends, hinting at a trend reversal.
#TONonBinance #XRPVictory #MarketDownturn #RussiaCrypto #russia $BTC
VERY IMPORTANT CRYPTO MOVE FROM RUSSIA, FIXED COINS ARE LEGALIZED.
Russia, which is experiencing difficulties in trading due to Western sanctions, aims to enact the use of stablecoins in cross-border payments. The Central Bank of Russia is also actively involved in the studies.
āPERMANENT REGULATION, NOT TEMPORARY TRIALā
Alexey Guznov, deputy governor of the Central Bank of Russia, also officially confirmed the work done and used the following statements:
āOur first focus here should be on regulating the transaction chain. Movements such as the transfer of the relevant cryptocurrency to Russia, its accumulation and use in cross-border payments should be placed within a certain framework. We want this to be a permanent arrangement, not a temporary trial.ā
WHICH FIXED COIN?
The most important issue here is which stablecoin will be used in transfers... Currently, it stands out as the leading stablecoin Tether (USDT) in terms of market value and usage.
$usdt #usdt #russia #crypto
Russia, which is experiencing difficulties in trading due to Western sanctions, aims to enact the use of stablecoins in cross-border payments. The Central Bank of Russia is also actively involved in the studies.
āPERMANENT REGULATION, NOT TEMPORARY TRIALā
Alexey Guznov, deputy governor of the Central Bank of Russia, also officially confirmed the work done and used the following statements:
āOur first focus here should be on regulating the transaction chain. Movements such as the transfer of the relevant cryptocurrency to Russia, its accumulation and use in cross-border payments should be placed within a certain framework. We want this to be a permanent arrangement, not a temporary trial.ā
WHICH FIXED COIN?
The most important issue here is which stablecoin will be used in transfers... Currently, it stands out as the leading stablecoin Tether (USDT) in terms of market value and usage.
$usdt #usdt #russia #crypto
Russian āCrypto Queenā Suspected of Sending Coins to Ukraine
Russian police think that a ācrypto influencerā known as Bitmama, aka the āQueen of Crypto,ā may have sent tokens to support Ukraineās military.
Valeria āBitmamaā Fedyakina was detained by police in September after an āacquaintanceā accused her of fraud.
She remains in custody, and a news network released an image, apparently showing her in a pre-trial detention center.
Per the Telegram-based news channel SHOT and News.ru, the social media influencer, who is seven months pregnant, had asked a court to transfer her to house arrest.
But she was refused this request.
Officers consider her a flight risk, as she holds a UAE residence permit.
A branch of the Moscow City Court ruled that she could remain in custody until November 15.
The unnamed āacquaintanceā told police Fedyakina tricked him into handing over some $70 million.
But officers reportedly think Fedyakina, a 28-year-old originally from Ukraine, embezzled this money.
And they reportedly think Fedyakina transferred āpartā of the money she received to the Armed Forces of Ukraine.
Officers also believe Fedyakina received around $7.7 million from two other individuals, before ādropping off the radar.ā
All three people said they wanted to use the money to invest in real estate in the UAE.
Russian āCrypto Queenā Lawyers Say She āDoesnāt Support UkraineUkraine
#russia #ukrain #crypto #cryptonews #BTC
Russian police think that a ācrypto influencerā known as Bitmama, aka the āQueen of Crypto,ā may have sent tokens to support Ukraineās military.
Valeria āBitmamaā Fedyakina was detained by police in September after an āacquaintanceā accused her of fraud.
She remains in custody, and a news network released an image, apparently showing her in a pre-trial detention center.
Per the Telegram-based news channel SHOT and News.ru, the social media influencer, who is seven months pregnant, had asked a court to transfer her to house arrest.
But she was refused this request.
Officers consider her a flight risk, as she holds a UAE residence permit.
A branch of the Moscow City Court ruled that she could remain in custody until November 15.
The unnamed āacquaintanceā told police Fedyakina tricked him into handing over some $70 million.
But officers reportedly think Fedyakina, a 28-year-old originally from Ukraine, embezzled this money.
And they reportedly think Fedyakina transferred āpartā of the money she received to the Armed Forces of Ukraine.
Officers also believe Fedyakina received around $7.7 million from two other individuals, before ādropping off the radar.ā
All three people said they wanted to use the money to invest in real estate in the UAE.
Russian āCrypto Queenā Lawyers Say She āDoesnāt Support UkraineUkraine
#russia #ukrain #crypto #cryptonews #BTC
WOW š
š·šŗPutin legalizes crypto in Russia for foreign trade.
It is nice moving to ā¦
#2024withBinance #BTCā #russia
š·šŗPutin legalizes crypto in Russia for foreign trade.
It is nice moving to ā¦
#2024withBinance #BTCā #russia
Russia approves law allowing use of crypto for global payments as it faces ongoing sanctions
ā¢ The lower house of Russia's parliament approved a law that permits making international payments via cryptocurrencies.
ā¢ Russia's central bank is itself looking to move money across borders using crypto before the end of 2024, Governor Elvira Nabiullina said.
ā¢ The U.S. and its allies have imposed innumerable sanctions on Russian individuals and entities in retaliation to its assault on Ukraine.
ā¢ "We are taking a historic decision in the financial sphere," Anatoly Aksakov, the head of the Duma, told lawmakers Tuesday, according to reporting from news agency Reuters.
ā¢ Mati Greenspan, CEO of crypto market research firm Quantum Economics, said Russia warming to crypto made sense as bitcoin transactions "cannot be censored or blocked by any government or bank,."
ā¢ "Previously, Russia would not want to allow that kind of transactional freedom to its citizens ā but now we're at the point that bitcoin is used so often in every day commerce that the opportunity cost for them not to allow it is simply too great," he added.
ā¢ The central bank's commitment to use crypto as a method of cross-border payment marks a reversal from the regulator's previous stance on the technology.
#TONonBinance #XRPVictory #MarketDownturn #russia #bitcoināļø
$BTC
ā¢ The lower house of Russia's parliament approved a law that permits making international payments via cryptocurrencies.
ā¢ Russia's central bank is itself looking to move money across borders using crypto before the end of 2024, Governor Elvira Nabiullina said.
ā¢ The U.S. and its allies have imposed innumerable sanctions on Russian individuals and entities in retaliation to its assault on Ukraine.
ā¢ "We are taking a historic decision in the financial sphere," Anatoly Aksakov, the head of the Duma, told lawmakers Tuesday, according to reporting from news agency Reuters.
ā¢ Mati Greenspan, CEO of crypto market research firm Quantum Economics, said Russia warming to crypto made sense as bitcoin transactions "cannot be censored or blocked by any government or bank,."
ā¢ "Previously, Russia would not want to allow that kind of transactional freedom to its citizens ā but now we're at the point that bitcoin is used so often in every day commerce that the opportunity cost for them not to allow it is simply too great," he added.
ā¢ The central bank's commitment to use crypto as a method of cross-border payment marks a reversal from the regulator's previous stance on the technology.
#TONonBinance #XRPVictory #MarketDownturn #russia #bitcoināļø
$BTC
š„JUST INš„
Russia officially legalized cryptocurrency.
#crypto #russia #cryptocurrency #BTC #ETH #SOL
Russia officially legalized cryptocurrency.
#crypto #russia #cryptocurrency #BTC #ETH #SOL
Russia Ramps Up Crypto Mining with New Data Centers in Komi Republic
Russia's push into cryptocurrency mining is gaining momentum, as the northeastern Komi Republic plans to construct 15 new crypto mining data centers. According to TASS, regional governor Vladimir Uyba revealed that the first two centers will be built in Mikun and Sindor, with a combined cost of $27.6 million. These projects, backed by investors, signal Russia's continued focus on expanding its mining infrastructure.
While Uyba didnāt specify which cryptocurrencies will be mined, most Russian miners traditionally focus on Bitcoin. The new data centers will leverage Komi's abundant energy resources, including its oil, gas, and thermal power plants, making it an ideal location for mining operations, particularly given its cold climate, which is favorable for cooling the mining rigs.
Komi, not yet known as a major crypto hub, is looking to capitalize on its energy resources to draw more mining activity. The collaboration between the Komi Republic and power firm Energoresource-K marks a significant investment in the region's IT and digital technology sectors, with Energoresource-K committing approximately $386 million to the project.
In addition to the initial centers, the region plans to expand its data processing centers to other cities, positioning Komi as a rising player in Russiaās mining ecosystem. This move comes on the heels of a report that state-owned gas giant Gazprom is also investing in a crypto mining subsidiary, planning a 5,000-rig mining center in Veliky Novgorod by 2028 with a budget of $452 million.
These developments follow Russian President Vladimir Putin's recent signing of a law legalizing cryptocurrency mining, pushing for regulation and infrastructure to support the industry. I guess all the sanctions didn't hit Russia heavy enough as they're just building new income streams!
Follow @Professor Mende - Bonuz Ecosystem Founder to stay updated!
#russia #putin #mining #bitcoinmining #vladimirputin $BTC
Russia's push into cryptocurrency mining is gaining momentum, as the northeastern Komi Republic plans to construct 15 new crypto mining data centers. According to TASS, regional governor Vladimir Uyba revealed that the first two centers will be built in Mikun and Sindor, with a combined cost of $27.6 million. These projects, backed by investors, signal Russia's continued focus on expanding its mining infrastructure.
While Uyba didnāt specify which cryptocurrencies will be mined, most Russian miners traditionally focus on Bitcoin. The new data centers will leverage Komi's abundant energy resources, including its oil, gas, and thermal power plants, making it an ideal location for mining operations, particularly given its cold climate, which is favorable for cooling the mining rigs.
Komi, not yet known as a major crypto hub, is looking to capitalize on its energy resources to draw more mining activity. The collaboration between the Komi Republic and power firm Energoresource-K marks a significant investment in the region's IT and digital technology sectors, with Energoresource-K committing approximately $386 million to the project.
In addition to the initial centers, the region plans to expand its data processing centers to other cities, positioning Komi as a rising player in Russiaās mining ecosystem. This move comes on the heels of a report that state-owned gas giant Gazprom is also investing in a crypto mining subsidiary, planning a 5,000-rig mining center in Veliky Novgorod by 2028 with a budget of $452 million.
These developments follow Russian President Vladimir Putin's recent signing of a law legalizing cryptocurrency mining, pushing for regulation and infrastructure to support the industry. I guess all the sanctions didn't hit Russia heavy enough as they're just building new income streams!
Follow @Professor Mende - Bonuz Ecosystem Founder to stay updated!
#russia #putin #mining #bitcoinmining #vladimirputin $BTC
šØ BREAKING NEWS: Russia Is Adopting Crypto! šØ
Russia is set to launch a national payment card system for exchanging between the ruble and cryptocurrency starting September 1st, 2024!
If the trial proves successful, Moscow Exchange and the St. Petersburg Currency Exchange could be given the green light to establish their own cryptocurrency platforms.
This move could be a game-changer for the crypto market!
Stay tuned for more updates and prepare for potential market impacts!
#russia #cryptonews #crypto #bitcoin #bitcoinnews Ā
$BTC
Russia is set to launch a national payment card system for exchanging between the ruble and cryptocurrency starting September 1st, 2024!
If the trial proves successful, Moscow Exchange and the St. Petersburg Currency Exchange could be given the green light to establish their own cryptocurrency platforms.
This move could be a game-changer for the crypto market!
Stay tuned for more updates and prepare for potential market impacts!
#russia #cryptonews #crypto #bitcoin #bitcoinnews Ā
$BTC