Sat, January 28, 2023

Crypto Mining in Russia and Risk Factors

Russian bank and new opportunities

Crypto mining gained popularity in the Russian Federation. However, there are certain risk factors. Interestingly, the country’s major cryptocurrency law “On Digital Financial Assets” does not mention the term mining at all. Russian President Vladimir Putin signed this bill into law this summer. Notably, the law “On Digital Financial Assets” is regarded as a glossary to crypto.

Nevertheless, there is another bill that will likely cover the topic of crypto mining. This bill most likely will provide a regulatory framework for the crypto industry in Russia. It is desirable, wait for several months, to learn more about the bill “ On Digital Currency”.

According to the preliminary information, lawmakers will approve this bill in December. This bill has the potential to affect the industry in the long run. However, without regulations, it will be difficult to develop crypto mining in the country.

Crypto mining and GPU sales

crypto

It is worth mentioning that, crypto mining is a profitable business. Moreover, people are willing to invest in mining.

Interestingly, the graphics processing unit (GPU)’s sales are surging in the midst of an increase in remote work as well as the apparent growth in cryptocurrency mining in the country.

According to the information provided by retailers, crypto mining-related sales of graphics cards in the country increased in August 2020. Notably, last month GPU sales rose by 49% and this fact once more shows that people would like to spend money on graphics cards.

This is not the end of the story, as this information comes in line with a two-fold increase in sales by the tech giant Nvidia on a year-on-year basis. PC components’ sales soared over the period of June to August by 470% compared to the same period of time in 2019.

Authorities should work with crypto companies to develop crypto mining in the country.

YOU MAY ALSO LIKE

Oil might reach $150 per barrel as OPEC+ will control supply

The biggest oil and gas companies are prepared to report annual profits,

Sterling declined on Thursday. What about Euro and Dollar?

Sterling fell slightly on Friday but was still close to its highest

Nokia Beats Exceeds Earnings Predictions

Nokia Oyj’s earnings topped expectations. Even amid a worse macroeconomic backdrop, as

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

OANDA Japan: No More fxTrade, USD/JPY Margin Shift

On Friday, one of Japan’s longest-standing online forex and CFD brokerages, OANDA Corporation, announced major changes to their service.  Specifically, the Japanese subsidiary of the brokerage will no longer allow new downloads of

BROKER NEWS

Broker News

OANDA Japan: No More fxTrade, USD/JPY Margin Shift

On Friday, one of Japan’s longest-standing online forex and CFD brokerages, OANDA Corporation, announced major changes to their service.  Specifically, the Japanese subsidiary of the brokerage will no longer allow new downloads of its