Putin: Russia has ‘benefits’ in bitcoin mining

Advertisements

Russian President Vladimir Putin said on Wednesday the country has distinctive features that allow it to benefit from bitcoin mining, while his central bank last week called for a total ban on activities in the country amid concerns that cryptocurrencies pose risks to its citizens could represent.

Putin also called on the Bank of Russia to reach a consensus with the country’s finance ministry, which on Tuesday advised against a total ban on bitcoin trading and mining in the country, citing how such a move could hurt Russia’s competitiveness in the tech sector .

“The central bank does not stand in the way of our technological progress and is making the necessary efforts to use the latest technology in this area,” Putin said at a meeting with members of the Russian government on Wednesday, addressing the differing opinions of the government agency and the central bank .

The central bank’s position on cryptocurrencies is based on concerns that “given the high volatility and some other components of this issue, the expansion of this type of activity poses certain risks, and most importantly for the country’s citizens,” Putin said.

“Although of course we also have certain competitive advantages here, particularly in so-called mining,” Putin added, citing the country’s “excess power” and “well-trained workforce” that could be harnessed for a thriving bitcoin mining industry there.

Russia rose to third place in the list of countries with the highest share of hashrate on the Bitcoin network last year after China banned the asset and the underlying mining industry over the summer. An exodus of bitcoin miners from Chinese soil led to the establishment of mining farms in the US, Kazakhstan and Russia. The eastern European country’s cheap energy and freezing climate make it attractive to miners as it allows for higher profit margins and higher hashrate.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Andreessen Horowitz Launches A16z Crypto Analysis Lab Bitcoin

Andreessen Horowitz Launches A16z Crypto Analysis Lab

A16z, also known as Andreessen Horowitz, the venture capital (VC) company that has invested...

By wpadminsonic164
Bitcoin Value Nears $41,000 as US Inflation Jumps to eight.5% Bitcoin

Bitcoin Value Nears $41,000 as US Inflation Jumps to eight.5%

US inflation hits new 40-year record at 8.5%.Bitcoin traded green above $40,500 as the...

By wpadminsonic164
Lending platform Ledn launches bitcoin-backed mortgage product, bringing in $ 70 million Bitcoin

Lending platform Ledn launches bitcoin-backed mortgage product, bringing in $ 70 million

Ledn, the global platform for digital wealth savings and lending, announced the upcoming launch...

By wpadminsonic164
Central Financial institution Of Argentina Bans Banks From Providing Bitcoin, Crypto Providers Bitcoin

Central Financial institution Of Argentina Bans Banks From Providing Bitcoin, Crypto Providers

The central bank of Argentina has banned financial institutions from offering any services involving...

By wpadminsonic164
International Chip Scarcity Looms Over Bitcoin Mining Business, ASIC Provide Tightens Bitcoin

International Chip Scarcity Looms Over Bitcoin Mining Business, ASIC Provide Tightens

While Bitcoin's hashrate has been coasting along above 175 exahash per second (EH/s) and...

By wpadminsonic164
Bitcoin Enchancment Proposal 21 Eases Person Expertise When Paying Invoices Bitcoin

Bitcoin Enchancment Proposal 21 Eases Person Expertise When Paying Invoices

The below is a direct excerpt of Marty's Bent Issue #1181: "BIP21 is a...

By wpadminsonic164
There’s an Insatiable Urge to Burn Crypto — A Have a look at Why Tasks Burn Tokens and the Advantages Bitcoin

There’s an Insatiable Urge to Burn Crypto — A Have a look at Why Tasks Burn Tokens and the Advantages

In recent times, cryptocurrencies that burn tokens have been very popular and a number...

By wpadminsonic164
Bitcoin mining firm Luxor launches ASIC buying and selling desk Bitcoin

Bitcoin mining firm Luxor launches ASIC buying and selling desk

On January 11, 2022, Washington-based bitcoin mining company Luxor announced the launch of a...

By wpadminsonic164

Latest Posts

Cardano

Crypto Value Evaluation Jan-28: Ethereum, Ripple, Cardano, Solana, and Luna – CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Luna,...

By wpadminsonic164
Binance has Nigerian Idol road release on Nigerian college grounds – Nairametrics Binance

Binance has Nigerian Idol road release on Nigerian college grounds – Nairametrics

Binance, the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, has activated the street...

By wpadminsonic164
Andreessen Horowitz Launches A16z Crypto Analysis Lab Bitcoin

Andreessen Horowitz Launches A16z Crypto Analysis Lab

A16z, also known as Andreessen Horowitz, the venture capital (VC) company that has invested...

By wpadminsonic164
Cryptocurrency Worth Prediction: Cardano, Terra & Bitcoin – American Wrap December twentieth – FXStreet Cardano

Cryptocurrency Worth Prediction: Cardano, Terra & Bitcoin – American Wrap December twentieth – FXStreet

Bitcoin price is moving sideways and is trapped between the crucial weekly moving averages....

By wpadminsonic164
OpenEthereum Ended Support For Its Software With Merge Approaching Ethereum

OpenEthereum Ended Support For Its Software With Merge Approaching

OpenEthereum ended support for its software with the Merge approach in order to prepare...

By wpadminsonic164
Cryptocurrencies Now Serving to Discover Area with Unistellar Telescopes – BlockTribune Stellar

Cryptocurrencies Now Serving to Discover Area with Unistellar Telescopes – BlockTribune

Cryptocurrencies Now Helping Explore Space with Unistellar Telescopes Announcements, News, Now Accepting | February...

By wpadminsonic164
Supervisor Cat Rocket Club Welcomed to Boss Planet Metaverse on Cardano By DailyCoin – Investing.com Cardano

Supervisor Cat Rocket Club Welcomed to Boss Planet Metaverse on Cardano By DailyCoin – Investing.com

Boss Cat Rocket Club Welcomed to Boss Planet Metaverse on Cardano 'Boss Cat Rocket...

By wpadminsonic164
BITCOIN Attenzione promotion APRILE! – CryptoMonday NEWS w13/'21 Videos

BITCOIN Attenzione promotion APRILE! – CryptoMonday NEWS w13/'21

CryptoMonday: ogni Lunedì, andiamo a fare il resoconto sulla settimana appena trascorsa in termini...

By wpadminsonic164