The Russian State Duma approved a law that will allow crypto mining in the country from November 1 and will create the relevant regulatory framework for the trading of digital assets.

From then on, cryptocurrency mining will be legal in Russian territory, following “specific regulations that will regulate energy consumption and the registration requirements of miners with the Ministry of Digital Development.”

Different institutions will intervene in the regulation, and the Central Bank will be the entity that concentrates the primary powers.

Miners will have the obligation to report to the government about “the digital currencies they obtain through mining, and the Bank of Russia will have the right to prohibit or restrict cryptocurrency transactions to maintain Russia’s monetary stability.”

M.Pino

Source: cripto247

(Reference image source: Kanchanara en Unsplash)

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La entrada Russia will legalize crypto mining starting in November apareció primero en Bitfinance.

On August 1, new rules for crypto mining will come into effect in Louisiana, United States, an entity where the use of central bank currencies or CBDCs was prohibited.

The state of Louisiana announced new regulations according to which “the adoption and use of any CBDC is prohibited, even if issued by the FED or any federal agency. It also prohibits residents and businesses from participating in tests with these assets.”

In this sense, residents must comply with the regulations for cryptomining, an activity that is prohibited for foreigners, with a period of one year to close their operations. If they do not comply with the provisions, they will be subject to “legal action by the local prosecutor’s office with penalties of up to USD 1 million or 25% of the value of the operators’ assets.”

The new law that will govern in Louisiana is part of the Blockchain Basic Law at the state level and allows trading in cryptocurrencies. “People and companies are free to use digital assets to pay for legal goods and services, as well as to use specialized hardware or software for their custody.”

“As for crypto mining activities, the law allows residents to conduct these types of activities in their homes as long as they do not violate noise regulations,” but they must be US citizens.

Companies that are in the crypto mining market must stick to industrial zones under local ordinances. Authorization includes operating nodes or participating in staking systems.

M.Pino

Source: diariobitcoin

(Reference image source: Unsplash+, in collaboration with Planet Volumes)

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La entrada State of Louisiana prohibits use of CBDC apareció primero en Bitfinance.

The company Tecpetrol is looking for a use for the gas derived from oil extraction in Argentine Patagonia. Cryptocurrency mining is an option.

This was announced by the company recently, stating that the project will be developed in the region of Los Toldos 2 Este, north of Vaca Muerta.

“This strategy addresses the need to provide a destination for unused gas and the search for a solution for oil production in areas without infrastructure,” Tecpetrol stated.

According to the company’s CEO, Ricardo Markous, the plans are to “reach a production plateau of at least 35,000 barrels per day in this isolated area that lacks production treatment and evacuation facilities.”

The lack of infrastructure has led to the search for practical alternatives, and cryptocurrency mining was proposed as a strategic solution.

“The interesting thing about our proposal is that, for the two new wells we are developing, we plan to install a pipeline connected to the other three wells. Since we cannot release the gas into the environment, we chose to implement cryptocurrency mining operations,” stated Markous.

Work is scheduled to begin between the end of October and the beginning of November, with the focus on the least environmental impact “by avoiding the release of gas”, as well as generating profits through crypto mining, “providing an incentive additional to this multifaceted strategy.”

M.Pino

Source: cointelegraph

(Reference image source: Unsplash, in collaboration with Getty Images)

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La entrada Argentine Patagonia will be a cryptocurrency mining center apareció primero en Bitfinance.

The United States government announced that it plans to implement its first specific policy aimed at crypto mining, for which it will take into account the analysis of factors such as the environmental impact and energy regulation of the sector.

The government proposal is expected to be ready by next August and considers criticisms of cryptocurrency, “including claims that it lacks a social benefit.”

The White House will also study other “factors such as noise pollution from mining, along with the comparison of protocols such as proof-of-stake (PoS) and proof-of-work (PoW)”.

Costa Samaras, Senior Assistant to the White House Office of Science and Technology Policy, pointed out that the main motivation for a possible enactment of policies on the crypto ecosystem and crypto mining is a consequence of the growth that cryptocurrencies have been experiencing.

The United States hosts the largest crypto mining operations

The need for a new approach to crypto mining is underpinned by the adoption of cryptocurrencies, especially as the United States hosts one of the largest crypto mining operations globally.

In addition, of the criticism directed at the Environmental Protection Agency (EPA) for its inability to designate the use of energy in the different sectors.

The rise of bitcoin mining in the US is seen as putting great “pressure on the country’s energy system, with existing infrastructure impacted by extreme weather, aging cables, and growing adoption of renewable energy.”

For his part, Samaras considers that if digital currencies will form part of the financial system, “it is essential that it be developed responsibly and that emissions that are harmful to the environment are minimized.”

M. Rodríguez

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Source: cripto247.com

La entrada The US will analyze the environmental impact of crypto mining apareció primero en Bitfinance.

As specified in a recently published report, the Chinese government has ordered to suspend electricity to bitcoin miners belonging to Yunnan province.

The measure orders the electricity companies to stop supplying energy to the mining activity in the area in order to minimize the important sector, and according to the information it is due to economic interests on the part of the State.

According to what was expressed in a tweet by a local journalist named Wu Blockchain, several miners informed him “that in Boashan, Yunnan, where the cryptocurrency miners are located, they received an order prohibiting services in which they prevent the company from electricity stop supplying power to miners. Yunnan is the third location with the largest number of miners only behind Sichuan and Xinjiang”.

Economic interests

In another tweet, the journalist added that economic interests are allegedly being dealt with where he assures: “It is not necessary to overestimate the impact of this incident. The attitude of local Chinese power companies towards crypto mining is often changing. It is more a demand for economic interests than political pressure ”.

Additionally, the ban appears to coincide with the 24-hour drop in the global hash rate from roughly 10% from 140 exahashes per second to 125 EX per second, although the correlation is far from causal.

K.Villarroel

Source: diariobitcoin

La entrada Chinese government leaves Yunnan miner without power apareció primero en Bitfinance.