...
...
Haider Jamal

Apr 25, 2023

Russia Becomes The Second Largest Bitcoin Miner In The World

According to a new report by the Russian news publication Kommersant, the country has completed its first ever rise to second place regarding Bitcoin (BTC) mining due to regulatory confusion in the United States. Kommersant also states that, like the United States, Russia faces regulatory uncertainty in the cryptocurrency and mining industries.

As noted by Bitriver CEO Igor Runets, the American mining sector is facing headwinds from rising electricity prices, lower profitability, tax issues, and overly leveraged mining companies.

The Biden Administration has proposed levying a tax equal to 30% of the cost of electricity utilized for digital asset mining operations. If passed, the tax would go into effect next year and would be gradually phased in, with a 10% rate in year one, 20% in year two, and 30% in year three.

Elsewhere, Binance silently lifted restrictions imposed on Russian citizens and residents over a year ago. After the European Union imposed sanctions on Russia following its attack on Ukraine in March 2022, Binance announced that it would no longer accept deposits from Mastercard and Visa cards issued in Russia along with any Mastercard and Visa deposits made from Russia.

However, users can now deposit Russian Rubles, Euros, British Pounds, and other currencies using bank cards issued in Russia. Earlier this month, it was reported that Binance removed limits for accounts with balances greater than 10,000 Euros for Russian users. The exchange has thus far not issued an official statement on either of these changes.

Top News


cw-icon 33 months ago
Read more latest news

Press Releases

...
Terra
Do Kwon Trial Begins Despite The Founder

7 months ago Mar 26, 2024

The civil fraud trial involving Ter... Read more

...
Goldman
Goldman Sachs Clients Look To Get Back

7 months ago Mar 25, 2024

Institutional clients served by the... Read more

...
Payments
New Payment Limit For Crypto Wallets Scrapped

7 months ago Mar 25, 2024

The recent Anti-Money Laundering re... Read more

...
Bitcoin
Bitcoin Undergoes Price Correction As International Economies

7 months ago Mar 24, 2024

A significant portion of the crypto... Read more

Join Our Newsletter

Get the latest trends and updates on our crypto community.