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Russia Agrees to Legalize Bitcoin Mining in Energy-Rich Areas

Cryptocurrency Sep 21, 2022 10:00AM ET
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© Reuters. Russia Agrees to Legalize Bitcoin Mining in Energy-Rich Areas
 
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  • Russia state departments want to legalize crypto mining.
  • Crypto experts have created an efficiency standard for crypto mining in Russia.
  • Russia is drafting a bill to regulate crypto payments.

Recent events have resulted in many Russian state departments coming to an agreement to legalize Bitcoin mining in locations where there is an abundance of electricity. The Russian Chair of Congress finance committee said: “Let them earn money”

Experts from the cryptocurrency sector have recently come together to create a working group with the goal of formulating a standard for successful and energy-efficient cryptocurrency mining in Russia. It is anticipated that the standards would assist developers and operators of data centers in providing better hardware uptime to investors.

The efficiency of mechanical devices for mining equipment ought to be able to benefit from taking a more scientific approach, which includes the use of computer modeling of pressures and speeds.

It is anticipated that this will also make it possible to correctly calibrate ventilation systems, keeping in mind factors such as humidity, season, area, and the specific place where a cryptocurrency mining unit is situated.

In related developments, according to a statement released by a Russian official on September 19th, a draft bill on digital currencies that is now being written by the Ministry of Finance should provide a framework for cryptocurrency transactions.

Russia’s head of the Finance Ministry’s Financial Policy Department, Ivan Chebeskov, said:

In terms of payments, we are rather creating a mechanism for business than building this architecture completely, because it is not completely clear how it should be regulated, so we give businesses the opportunity with this bill to pay with cryptocurrency.

The post Russia Agrees to Legalize Bitcoin Mining in Energy-Rich Areas appeared first on Coin Edition.

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Russia Agrees to Legalize Bitcoin Mining in Energy-Rich Areas
 

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