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The Russian State Duma is expected to vote on a bill that would legalize cryptocurrency mining and the sale of cryptocurrency mined in Russia ¹. Here are some key points about the bill:
Legalization of Cryptocurrency Mining: The bill would allow cryptocurrency mining and the sale of cryptocurrency mined in Russia, which is currently not legal.
Experimental Legal Regime: The bill proposes an "experimental legal regime" for cryptocurrencies to be used exclusively in export-import deals.
Regulation: The bill would regulate cryptocurrency mining, including the creation of a national registry of approved crypto miners and rules for crypto miners set by the government and the Central Bank.
Taxation: The bill would require crypto miners to declare their income and pay taxes on their earnings.
Impact on the Economy: The legalization of mining is expected to provide the Russian treasury with a boost of $570 million.
Industry Support: The bill has the support of the Russian crypto industry, which has been lobbying for legalization and regulation.
#Russia #RussiaCrypto
#mining4all #InternationalRelations

Marathon Digital Holdings, one of the largest Bitcoin mining companies in the United States, has reported significant financial losses for the second quarter of 2024.
Despite a substantial increase in revenue compared to last year, the company faced numerous challenges that led to a notable drop in its stock price and overall financial performance.
Marathon Digital reported a Q2 revenue of $145.1 million, which represents a 78% increase from the $81.7 million reported in Q2 2023.
This impressive year-over-year growth was primarily driven by a higher average price of bitcoin mined and revenues from newly acquired hosting services.
However, the revenue figure fell short of Wall Street’s expectations of $157.9 million, resulting in a 9% miss. Marathon stated in their announcement on Thursday:
“The Company sold 51% of the BTC it produced during the quarter to fund operating costs.”
The company’s net loss for the quarter was substantial, amounting to $199.7 million, or $0.72 per diluted share. This is a stark contrast to the $9 million loss, or $0.07 per diluted share, reported in the same quarter last year.
The significant loss was largely driven by a $148 million fair market value drop in digital assets. Analysts had forecasted an earnings-per-share (EPS) of -$0.19, but the actual figure missed by $0.53.
Fred Thiel, Marathon’s CEO, acknowledged the difficulties faced by the company, stating:
“During the second quarter of 2024, our BTC production was impacted by unexpected equipment failures and transmission line maintenance at the Ellendale site operated by Applied Digital, increased global hash rate, and the April halving event.”
Marathon Digital’s bitcoin production saw a significant decline in Q2 2024, with 2,058 BTC mined during the quarter. This is a 30% decrease from the 2,926 BTC produced in Q2 2023.
On average, Marathon mined 22.9 bitcoin per day, which is 9.3 fewer than the previous period. The decrease in production was attributed to several factors, including the impact of the Bitcoin halving event in April.
The halving event, which occurs approximately every four years, effectively slashes the reward miners receive for processing transactions by half. This year’s halving, coupled with increased global hash rates and equipment failures, greatly affected Marathon Digital’s output.
Following the earnings report, Marathon Digital’s stock price fell by 7.82%, ending the trading day at $17.91.
The decline occurred amid a broader market slide driven by overheated tech stocks. The company’s share price has dropped 20.89% so far this year, reflecting the broader challenges facing the Bitcoin mining industry.

Despite the setbacks, Marathon Digital reported some positive developments.
The company’s energized hash rate increased 78% year-over-year to 31.5 exahashes per second (EH/s) in the second quarter, reaching an all-time high. Thiel stated that the company continues to target 50 EH/s of energized hash rate by the end of 2024, with additional growth planned for 2025.
Related: Marathon Announces Plans to Double Its Hashrate by Year-End
Marathon Digital’s financial position remained strong, with $1.4 billion in unrestricted cash, cash equivalents, and bitcoin as of June 30.
The company held 18,488 BTC on its balance sheet at the quarter’s end and subsequently purchased an additional $100 million worth of bitcoin, bringing total holdings to more than 20,000 BTC.
This purchase aligns with the company’s shift to a full HODL strategy, reflecting their confidence in the long-term value of bitcoin.
Thiel emphasized the company’s strategic reorganization to better align with growth opportunities, saying, “We are beginning to lay the foundation for MARA to become a globally diversified company that leverages digital asset compute to build a more sustainable and inclusive future.”
He added: “During the quarter, we organized the internal structure of the business to better align with our growth opportunities, sharpen our strategic focus, bolster accountability, and accelerate our speed and agility as we scale.”
Marathon Digital is not alone in facing challenges. Other Bitcoin miners, such as Riot Platforms, have reported similar difficulties.
Riot Platforms posted a net loss of $84.4 million for the same quarter, driven by a 52% year-over-year decline in the number of bitcoin mined.
Riot’s Q2 revenues were $70 million, an 8.8% year-on-year decline, which was in line with market expectations. Riot’s stock also fell by
8.54%, closing at $9.32.
The recent financial difficulties of Marathon Digital underscore the volatility and challenges in the Bitcoin mining sector. The company’s ability to navigate these operational challenges and capitalize on growth opportunities will be crucial for future performance.
The significant increase in revenue highlights Marathon Digital’s ability to scale its operations, but the substantial net loss and decrease in BTC production underscore the challenges the company faces in maintaining operational efficiency and managing digital asset volatility.
$BTC
#BitcoinMining #mining4all

Online Bitcoin mining refers to the process of participating in the Bitcoin network to validate transactions and add new blocks to the blockchain using cloud-based services. Here’s a detailed overview of how you can get involved in Bitcoin mining online:
### 1. Cloud Mining Services
Cloud mining allows users to rent mining hardware and capacity from remote data centers. This way, you can participate in Bitcoin mining without needing to manage physical hardware. Some popular cloud mining services include:
- Genesis Mining: One of the largest and most reputable cloud mining providers. It offers various mining plans based on your budget and mining goals.
- Hashflare: Allows users to buy hashpower for different cryptocurrencies including Bitcoin.
- NiceHash: Users can buy hashpower from other miners or sell their own hashpower for profit.
### Steps to Start Cloud Mining:
1. Choose a Provider: Research and select a reputable cloud mining service. Check reviews, profitability, and legitimacy to avoid scams.
2. Create an Account: Sign up on the chosen platform.
3. Purchase a Mining Contract: Choose and purchase a mining contract that suits your budget and desired hashpower.
4. Setup and Monitor: After purchasing, the provider will set up the mining operation. You can monitor the performance and earnings through the platform’s dashboard.
5. Withdraw Earnings: Withdraw your mined Bitcoin to your personal wallet periodically.
### 2. Mining Pools
If you have your own mining hardware, you can join a mining pool. Mining pools allow miners to combine their computational power to solve blocks more frequently, sharing the rewards among participants based on contributed hashpower.
- AntPool: Operated by Bitmain, it’s one of the largest Bitcoin mining pools.
- Slush Pool: One of the first mining pools, known for its reliability and transparency.
- F2Pool: A large pool that supports multiple cryptocurrencies.
### Steps to Join a Mining Pool:
1. Get Hardware: Ensure you have the necessary mining hardware (ASIC miners for Bitcoin).
2. Select a Pool: Research and join a reputable mining pool.
3. Configure Mining Software: Download mining software (e.g., CGMiner, BFGMiner) and configure it to connect to the pool’s server.
4. Start Mining: Run the software to start mining and contributing to the pool’s hashpower.
5. Monitor and Withdraw: Monitor your mining performance and withdraw earnings to your Bitcoin wallet.
### 3. DIY Mining (Home Mining)
For those who want to mine Bitcoin at home, you need significant upfront investment in hardware and ongoing operational costs (electricity, cooling, etc.).
- Hardware: ASIC miners like Bitmain’s Antminer series.
- Software: Mining software such as CGMiner, BFGMiner, or NiceHash.
- Wallet: A secure Bitcoin wallet to store your mined BTC.
### Steps to Start DIY Mining:
1. Purchase Hardware: Buy ASIC miners and other necessary equipment (power supplies, cooling systems).
2. Set Up Hardware: Install and configure the hardware.
3. Install Mining Software: Set up and configure the mining software to connect to the Bitcoin network or a mining pool.
4. Start Mining: Begin mining and monitor your setup to ensure optimal performance and profitability.
5. Withdraw Earnings: Regularly transfer mined Bitcoin to your secure wallet.
### Considerations and Risks:
1. Profitability: Bitcoin mining profitability depends on several factors including hardware costs, electricity rates, Bitcoin price, and mining difficulty.
2. Scams: Be cautious of cloud mining scams and fraudulent platforms. Always research thoroughly before investing.
3. Regulation: Understand the legal and regulatory aspects of mining in your region.
4. Security: Use secure and reliable platforms and services to protect your investment.
### Conclusion
Online Bitcoin mining, whether through cloud services, mining pools, or DIY setups, offers different ways to participate in the Bitcoin network. Each method has its own pros and cons, so it’s important to assess your goals, budget, and risk tolerance before deciding which method to pursue. $BTC $USDC #miningairdrops #mining4all #miningbot