After many years of deliberations and speculation, Russian President Vladimir Putin has officially signed a Bill to legalize crypto mining in the country. This new law is a historic one for the embattled country as it turned it from a Bitcoin foe to a major adopter in the past 3 years.
Russia Bitcoin Mining To Fly Significantly
The commencement of the war between Russia and Ukraine changed many things for the former. The Western Sanctions on Russia has nearly crippled its economy, setting Bitcoin as an attractive alternative.
According to a report from Tass News Agency, the new law introduces new concepts to bolster the industry. These concepts includes “digital currency mining, mining pool, mining infrastructure operator, address identifier, and the individual who organizes mining pool activities.”
With this law, crypto mining in Russia may now compete for Hashrate in established regions like the United States.
This is a developing story, please check back for updates!!!
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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