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Russia Finally Cracks Down on Crypto Mining Because Clearly All Those Miners Were Just a Bunch of Free Renting, Electricity Guzzling Hipsters

An illustration: A group of hipsters are shown sitting in an abandoned warehouse surrounded by computers and mining equipment. They're all wearing beards and sunglasses while looking uninterested at the electricity meters that show high consumption levels. The room is filled with dust, old furniture, and broken appliances. In one corner a large sign reads "Free Rent" but it's covered in cobwebs.

Russia is finally doing something sensible in regards to cryptocurrency – regulating it. It’s not like anyone needs any more proof that crypto is just numbers on a computer created from nothing and only used by criminals or people who think they can get rich quick without putting in actual effort

Source: bitcoin.com

Russian President Vladimir Putin has enacted legislation to formally regulate the cryptocurrency mining sector in Russia, with the law set to take effect in November. This legislation establishes a regulated framework for mining operations, limiting participation from entities associated with electricity and prohibiting the promotion of cryptocurrencies. It also allows the circulation of mined cryptocurrency domestically under specific conditions and permits the trading of foreign digital assets on Russian blockchain […]

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