It is believed that Russia would approve legalization of Bitcoin mining

  • PublishedSeptember 26, 2022

According to sources, the Russian state department wants to legalize crypto mining and is drafting a bill to regulate crypto payments. Meanwhile, crypto experts from the industry set efficiency standards for crypto mining in Russia. As soon as the news came out, the entire encryption world cheered, and this will be an important milestone in the encryption field.

Recent events and the deteriorating economic environment have led many Russian state ministries to reach an agreement to legalize Bitcoin mining in areas with sufficient electricity and explore the crypto-economy.

“Let them make money,” said the chairman of the Russian parliament’s finance committee. At the same time, experts from the cryptocurrency sector have formed a working group with the goal of setting standards for successful and energy-efficient cryptocurrency mining in Russia. The standard is expected to help the developers and operators of data center to provide investors with better hardware uptime.

According to a statement issued by Russian officials on September 19, the draft digital currency bill being drafted by the Ministry of Finance should provide a framework for cryptocurrency transactions, which will become the relevant standard for future cryptocurrency compliance, giving all Russian crypto companies a standard framework.

Ivan Chebeskov, head of the Financial Policy Department of the Russian Ministry of Finance, said: In terms of payments, we want to create a mechanism for commerce.

This is also the reason for the combination of cryptocurrency payment and enterprises. This is also an attempt. It is also an opportunity for enterprises in the encryption field, especially payment companies. Besides, more and more mining companies are entering this market to occpy the market share as soon as possible.

It can be learned from the successful experience of many famous Bitcoin mining farms in the world, such as Bitfury mining farm, Hut 8 Mining Corp mining farm, Coinmint mining farm. These successful experiences will greatly shorten the exploration cycle and help Russia to better issue corresponding terms.

The use of cryptocurrencies in Russia will be more extensive, and Bitcoin mining farms may officially emerge in Russia. In particular, Coinmint, as the largest mining farm, has begun to expand to Asia and even the world, which is undoubtedly full of confidence in Russia’s construction of Bitcoin mining farms. In the future, with the improvement and continuous development of the Coinmint ecosystem, it will bring more benefits and opportunities to its loyal users to explore the crypto world.

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