Amid the conflict in Ukraine, Russia is looking to strengthen its Bitcoin and crypto mining industry.
crypto mining industry : As a result of Russia’s invasion of Ukraine, the country appears to have assured cryptocurrency miners that sanctions imposed on them will not affect their ability to mine tokens. However, despite the efforts of some of the country’s most senior politicians, the long legal battle for legalization continues.
The “largest operator of crypto mining data processing centers in Eurasia,” Bitriver, director Oleg Ogiyenko, announced that “supplies of equipment for cryptocurrency mining to Russia” would “not be suspended,” according to Regnum.
He said that international sanctions would “in no way” affect the import of mining equipment, but that “the logistics used to import” such equipment “may” be affected by changes in the international sanctions regime.
Bitriver’s executive was speaking at the “first-ever” meeting of “all-Russian legal cryptocurrency miners,” which is a bit of an oxymoron since crypto mining is still illegal in Russia.
Ogiyenko announced that Bitriver plans to open a new “data centre” in the Irkutsk region, which is likely a crypto mining farm.
There will be 63 jobs in Ust-Ilimsk and “nearby areas” thanks to the center’s “capacity of more than 80 MW,” according to Ogiyenko.
There will be “customers from various countries” able to put in their “equipment” in the new facility, including those “from Russia, Asian countries,” and possibly even “European countries, and the United States, perhaps,” according to the statement.
As far as we know, the centre is scheduled to open sometime in 2013.
Mikhail Mishustin, Russia’s Prime Minister, said that MPs must develop “a mechanism for the circulation” of “cryptocurrencies” into the Russian “financial system.” Furthermore, he opined that additional steps should be taken to regulate mining.
It is Mishustin’s position as stated by RBC that all forms of cryptocurrency ownership, trading and mining should be resolved in tandem with the Central Bank.
In order to assess the risks that cryptocurrencies may pose for the circulation of money in Russia, Mishustin was quoted as saying: “Without a doubt, issues such as these can only be resolved jointly with the Central Bank.”