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Bitcoin mining revenue in Russia grew 18 times in 4 years before “worst quarter”

October 21, 2022 October 26, 2022

The revenue from bitcoin mining in Russia has increased 18 times between 2017 and 2021, according to a new report by computing hardware distributer Intelion Data Systems, quoted by RBC Crypto. During the period, the total grew from 7 billion rubles in first studied year (below $114 million, at current exchange rates) to 128 billion …

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War spurs crypto activity in Russia and Ukraine

October 15, 2022 October 29, 2022

The deadly conflict that started with Russia’s assault on Ukraine has increased crypto-related activity in both countries, according to Chainalysis. Fiat inflation and sanctions pressure led to several spikes in transaction volumes this year, the blockchain forensics firm has found, while Eastern Europe as a whole sustained its role in the global crypto ecosystem.

EU bans crypto services for Russians in new sanctions over Ukraine escalation

October 7, 2022 October 7, 2022

The Council of the European Union has announced new sanctions against Russia on the backdrop of the deepening military conflict in Ukraine. The new measures include a full ban on the provision of wallet, account, or custody services for crypto assets to Russian persons and residents. The measure will apply regardless of the value of these assets, according to …

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Bank of Russia, finance ministry agree on crypto mining regulation, law expected soon

September 22, 2022 September 22, 2022

The Central Bank of Russia (CBR) and the Ministry of Finance (Minfin) have adopted a joint position on the regulation of crypto mining. The bitcoin-related activity has been expanding in the energy-rich nation, both as a profitable industry and as a source of additional income for many Russians. Anatoly Aksakov, chair of the parliamentary Financial Market …

Bank of Russia, finance ministry agree on crypto mining regulation, law expected soon Read More

US asks Japan to pressure crypto exchanges, miners working with Russia

July 9, 2022 July 11, 2022

The United States has urged Japan to put more pressure on cryptocurrency exchanges and mining companies that continue to work with Russians. The U.S. wants the Japanese entities to end their business relations with Russia, thus adding to its financial isolation from the rest of the world. The request, made by American diplomats, is targeting …

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Russian minister calls for urgent legalization of crypto mining

March 30, 2022 April 1, 2022

Cryptocurrency mining needs to be regulated “as soon as possible,” Russian Deputy Minister of Energy Evgeniy Grabchak said during Russia’s first national conference of legal bitcoin miners, held recently in Irkutsk. The Siberian oblast, where electricity rates start at just $0.01 per kWh, has been dubbed “the mining capital of Russia” as coin minting in the …

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Report: Large share of global crypto crime comes from Russia

February 16, 2022 February 17, 2022

In a preview of its 2022 Crypto Crime Report, Chainalysis says that, overall, “roughly 74% of ransomware revenue in 2021 — over $400 million worth of cryptocurrency — went to strains we can say are highly likely to be affiliated with Russia in some way.” Platforms operating mainly on the Russian crypto market launder the bulk of extorted funds, …

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Russia finally moves to legalize crypto economy

February 9, 2022 February 16, 2022

The Russian government “has determined the future of digital currencies in Russia,” an announcement published late Tuesday stated. The authorities have elaborated a plan to integrate the circulation of cryptocurrencies into Russia’s financial system and to establish control over crypto-related flows in the banking system. Contrasting with the central bank’s recent proposal to impose a ban on crypto trading, investment …

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Siberian utility filed 137 lawsuits over crypto miners using cheap power

January 28, 2022 January 28, 2022

Irkutskenergosbyt, the main utility company in Irkutsk, Siberia, is looking to collect almost $800,000 from owners of crypto farms that have allegedly caused a spike in local electricity consumption. In total, the company has filed 137 lawsuits against customers who set up mining facilities in basements and garages. The company says these home miners are engaged in entrepreneurial …

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Russian banks begin testing digital ruble payments

January 27, 2022 January 27, 2022

While advocating a ban on crypto exchange, investment and mining in the country, Russia’s central bank has plans to launch its own digital currency. Having completed the prototype of the digital ruble platform in December, the monetary authority is now beginning to experiment with transactions. A dozen banks have been invited to join the first stage of …

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Report: Russians make $5 billion annually in crypto transactions

December 10, 2021 December 7, 2021

Russians are among the most active participants in the crypto space, Bank of Russia says, citing various studies. The country is one of the leaders in terms of number of visits on Binance, the world’s leading crypto exchange. Referring to estimates by large financial institutions surveyed this past July, the central bank notes that the annual …

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Russia shuts down several cryptocurrency farms

December 6, 2021 December 7, 2021

Authorities in Russia have closed down a number of illegal crypto mining facilities allegedly powered by stolen electricity. The underground farms have been discovered around Moscow, as well as in the Russian republic of Dagestan. In particular, the Russian law enforcement and customs agents recently uncovered the theft of a large amount of electricity from the network operated …

Russia shuts down several cryptocurrency farms Read More

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