Crypto Mining

A Dec 7 release from local news outlet Interfax has unveiled the Bank of Russia’s awaited stance on the crypto mining industry. Amid the country's fresh spotlight on crypto, Russia is imposing new measures on native miners. Russia’s Crypto Mining Bill Per the report, the Russian central bank is not opposed to giving the legal green light to crypto miners. However, the institution believes miners should not be able to sell digital tokens to Russian residents. Instead, miners should trade…

Since March, Iranian authorities have confiscated nearly 9500 unlawful crypto mining rigs in the nation’s capital, Tehran.  While crypto trading is still illegal among Iranians, the government's use of crypto remains at an all-time high. Iran Acts Against Illegal Miners According to a report, Kambiz Nazerian, head of Tehran Electricity Distribution Company spoke on the matter. Nazerian said on Monday, August 22 that inspectors had uncovered the mining devices in various districts of Tehran. Last year, a release from blockchain…

According to a recent report, Kryptovault AS, a large-scale, Norway-based crypto mining company is set to relocate North of the Arctic circle. The company’s plans to switch base stem from surging electricity prices in Norway, a phenomenon that seems confined to the region. Norway a Mining Hub Over the past couple of years, Norway has evolved into one of Europe’s biggest mining hubs. In a recent study, analysis firm Arcane Research noted that Norway is responsible for about 1% of…

New York Senators have passed a bill that prohibits the use of carbon power sources to mine cryptocurrencies. CNBC reported this development, noting that the Senators voted in Albany earlier today. The bill passed after some undecided Senators voted in its favor. The bill passed the state assembly in April. Its next stop is Governor Kathy Hochul's desk. Hochul can either pass the bill into law or veto it. Should Hochul sign the bill, New York will become the first…

Nearly a year since the Chinese government initiated a nationwide crackdown on BTC mining, the nation is again a thriving center for mining operations. Albeit this time, secretly. The Cambridge Digital Assets Program (CDAP) provided this information in their latest research.  China Hosts One-Fifth of the Global BTC Hash Rate The CDAP revealed that underground miners within China are responsible for about 21% of the total Bitcoin hash rate globally. Before the ban, the East Asian nation had been the…

As Kazakhstan is in turmoil, crypto mining has come to a standstill. Yet, Kazakhstan's crypto miners are not planning to leave the country just yet. BIT Mining, a large mining company in Kazakhstan, is still evaluating the situation in the country. However, they don't believe they will have to evacuate just yet. It is unlikely that our mining machines will be evacuated to North America Mining came to a standstill in the country after authorities shut down the internet amid…

The SEC has not crushed VanEck’s hopes of expanding indirect exposure to the crypto industry. Following a failed attempt at a spot Bitcoin ETF, the fund manager has filed for a fund linking to digital asset mining companies. The ETF will be 80% invested in securities from crypto mining businesses. Exposure To The Mining Industry According to VanEck’s application with the SEC yesterday, the mining companies included must generate at least 50% of their revenues from mining activity. Furthermore, the…

Cryptocurrency mining remains profitable. However, it has come under significant scrutiny in the past few months. Things took a turn for the worse when the Chinese government hit mining. Beijing cracked down on mining this year by continuing its hardline stance on the crypto industry. A Long Way Here The nuances between China and mining are pretty interesting. For years, Beijing has made it clear that cryptocurrencies aren’t welcome in the country. First, it released a circular in 2017 confirming…

Since the launch of blockchain technology in 2011, the financial world has welcomed many other related projects. One of the most innovative yet simple ones is using Non-Fungible Tokens (NFT). An NFT is a unit of data stored on a blockchain, and it assigns unique tags to digital assets which are not subject to any form of change. Even though NFTs sit on the same blockchain technology as cryptos, they are not currencies. Since their debut, NFTs have proven themselves as…