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RUSSIA UNLEASHES FURY ON CRYPTO MINERS: New Rules Mean You’ll Need Permission From the Kremlin to Even Turn on Your Rig

ChainalysisCrypto NewsCybersecurity Kevin Nelson November 14, 2024

A darkened cityscape with a massive data center looming over it, its servers humming as electricity flows into it from power lines tangled around skyscrapers. A lone miner sits at their computer, surrounded by empty pizza boxes and broken dreams, while the Kremlin looms in the background.

Looks like Russia’s finally figured out how to make crypto mining profitable without single-handedly destroying their power grid (or so they claim). With its sweeping new regulations taking effect on November 1st, Moscow has essentially become the world’s most draconian cryptocurrency mine – all in the name of saving energy. By capping electricity consumption at a whopping 6,000 kWh per month for individual miners and requiring registration for larger operations, Russia is basically saying ‘you can still be a crypto miner, but only if you’re willing to play by our rules.’ And trust me folks, these aren’t exactly the most consumer-friendly regulations – we’ve got mandatory reporting obligations, strict operational requirements, and even a registry of all miners (because who doesn’t love being part of some giant database?).

Source: bitcoin.com

Russia's Sweeping Crypto Mining Regulations Take Effect, Setting Strict New Rules
https://news.bitcoin.com/russias-sweeping-crypto-mining-regulations-take-effect-setting-strict-new-rules
Russia’s sweeping crypto mining regulations took effect Nov. 1, transforming the industry with strict energy caps, mandatory registration, and stringent oversight. On Nov. 1, the Russian government introduced a regulatory framework for cryptocurrency mining, marking the implementation of a law signed by President Vladimir Putin in August and published shortly before these rules took effect. The law formally defines mining as a legal activity in Russia, laying out security and […]

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About the author

Kevin Nelson

Kevin’s foray into cryptocurrency trading was a full-scale disaster. His obsession with chasing trends and leveraging obscure assets led to a catastrophic loss of his entire life savings. Now, Kevin’s articles are a venomous mix of bitter humor and harsh reality checks, exposing the chaotic and treacherous world of crypto trading. His catchphrase: “I went from trading genius to broke fool in record time. Welcome to crypto—where the only thing guaranteed is your financial ruin.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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