The Russian government took the measure of banning cryptocurrency mining in 10 regions until March 2031 as a result of the high consumption of electricity that the activity entails.

“The ban, which includes participation in a mining pool and temporary restrictions in other regions during periods of maximum demand,” came into effect on January 1 and will end on March 15, 2031.

This restriction measure applied by the Russian government also considers “interregional electricity subsidies that make consumption cheaper in some regions.”

The regions where the ban applies are Dagestan, North Ossetia and Chechnya, with the possibility of modification if there is a change in energy demand, corroborated by a government commission.

As will be recalled, Russia prohibits the use of digital assets as legal tender for payments at the domestic level. However, it allows cross-border payments with crypto as a way to evade sanctions imposed after starting the war against Ukraine.

M.Pino

Source: cripto247

(Reference image source: Michael Förtsch on Unsplash)

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La entrada Russia bans cryptocurrency mining due to high energy consumption apareció primero en Bitfinance.

Given the crisis in the electrical sector, which keeps the country with permanent power cuts, the Ministry of Electrical Energy of Venezuela indicated that all cryptocurrency mining farms, which demand high consumption, will be disconnected.

The ministry tries, with this measure, to control demand and solve the power outages that continue especially in the interior of the country, affecting the normal development of the population and the national productive system.

The announcement was made on Friday, May 17, by the Ministry of Electric Energy (MPPPE), “which began a control plan for high energy consumption users linked to this activity.”

“The purpose is to disconnect all cryptocurrency mining farms in the country from the SEN, avoiding the high impact on demand, which allows us to continue offering an efficient and reliable service to all the Venezuelan people,” the MPPPE reported on Instagram.

This announcement was made after 2,000 cryptocurrency mining machines were seized in Maracay, Aragua state, on Thursday the 16th.

M.Pino

Source: vozdeamerica

(Reference image source: Traxer in Unsplash)

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La entrada Venezuela to disconnect cryptocurrency mining farms apareció primero en Bitfinance.

The Canadian Bitcoin Conference will be held in Toronto, Canada on June 17 and 18 at the Chelsea Hotel.

The event will have the participation of specialists who will talk about various topics related to Bitcoin and its impact on the Canadian economy.

The workshops and conferences will address aspects such as blockchain technology, Bitcoin mining, the regulation of cryptocurrencies; banks and transactions, real estate sector, gold and silver of Canada; CBDCs and decentralization; Bitcoin in the industry, among others.

The Canadian Bitcoin Conference is a highly relevant event for representatives of the different sectors of the local economy, due to the accelerated growth of the adoption of cryptocurrencies in the public visa.

The event will be the meeting place for Bitcoin specialists and enthusiasts who want to learn more about this market and its impact on the future of the country.

M.Pino

With information from media specialized in cryptocurrencies

(Reference image source: Kanchanara, Unsplash)

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La entrada Canada will hold the Bitcoin Conference on June 17 and 18 apareció primero en Bitfinance.

In Argentina, the Mendoza Police intercepted a smuggling of cryptocurrency mining equipment valued at one million dollars that entered from Chile in a truck with fake license plates.

The shipment consisted of 300 boxes of Chinese origin for mining coins based on PoW algorithms like Bitcoin, but it did not have the necessary documentation for its legal importation into the country.

The recipient of the shipment could not justify its origin and is under police investigation. This type of smuggling is common in Argentina due to high tax rates and the difficulty of legally importing these products.

The Argentine customs retained the entire cargo and filed a criminal complaint for the crime of smuggling before the respective court of the locality.

Smuggling of cryptocurrency mining equipment has also been a problem in Argentina, where the lack of regulation has led to an increase in illegal trade of cryptocurrencies and equipment for their mining.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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La entrada Argentine police intercepted smuggling of cryptocurrency mining equipment apareció primero en Bitfinance.

In proportion to the market price, the environmental costs of mining the cryptocurrency Bitcoin are more comparable to the damages of beef production than gold mining.

The authors of an analysis published in Scientific Reports suggest that rather than be viewed as “digital gold,” Bitcoin should be compared to much more energy-intensive products, such as beef, natural gas, and crude oil.

As of December 2021, Bitcoin had a market value of approximately $960 billion, with a global market share of approximately 41 % among cryptocurrencies. Although known to be energy-intensive, the extent of bitcoin’s climate damage—that is, estimates of the financial damage from carbon emissions and the impact of climate change on economies—is unclear.

Benjamin Jones and colleagues have made economic estimates of the climate damage from bitcoin mining between January 2016 and December 2021 and report that in 2020 bitcoin mining used 75.4 terawatt hours per year (TWhyear-1), higher energy use than Austria (69.9 TWhyear-1) or Portugal (48.4 TWhyear-1).

The authors assessed bitcoin’s climate damage against three sustainability criteria: whether the estimated climate damage increases over time; if the market price of bitcoin exceeds the economic cost of climate damage; and how climate damages per mined currency compare to climate damages from other sectors and commodities.

They found that energy emissions from bitcoin mining have increased 126-fold, from 0.9 tons of emissions per coin in 2016 to 113 tons per coin in 2021. Calculations suggest that each bitcoin mined in 2021 caused $11,314 in damage. climate, with a total of global damages that exceed 12,000 million dollars (about 12.5 million euros), 25 % of market prices. Damage peaked at 156 % of the coin’s price in May 2020, suggesting that every dollar of bitcoin market value led to $1.56 in global weather damage.

Lastly, the authors compared bitcoin’s climate damage to other industries and products such as electricity generation, crude oil processing, agricultural meat production, and precious metal mining. Bitcoin weather damages stood at an average of 35 % of its market value between 2016 and 2021. This was less than weather damages compared to the market value of electricity produced by natural gas (46 %) and the gasoline produced from crude oil (41 %), but more than those from beef production (33 %) and gold mining (4 %).

The authors conclude that bitcoin does not meet any of the three key sustainability criteria they evaluated it against, and that significant changes – including possible regulation – are required for bitcoin mining to be sustainable.

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Source: dpa

La entrada Bitcoin as expensive for the environment as beef production apareció primero en Bitfinance.

Mario Abdo Benítez, president of Paraguay, this week restricted a bill that was intended to recognize cryptocurrency mining as an activity of the industrial sector.

One of the president’s arguments is based on the fact that the high consumption of electricity that this activity can hinder the expansion of a sustainable national industry.

The project claimed that crypto mining uses too much capital with little use of labor, so it would not generate added value on a par with other industrial activities. Around the world, cryptocurrency is one of the biggest job creators. LinkedIn’s economic chart shows that crypto and blockchain job openings increased 615% in 2021 compared to 2020 in the United States.

This proposal had been approved in the first instance on July 14 by the Paraguayan Senate, who at the time recognized that this activity could become part of the industrial sector, as long as the necessary taxes were applied in this regard.

K. Tovar

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Source: Cointelegraph

La entrada Cryptocurrency regulation law in Paraguay was vetoed apareció primero en Bitfinance.

The Kosovo government recently announced the suspension of cryptocurrency mining due to limitations created by the winter season in the region.

This was indicated by the Minister of Economy, Artane Rizvanolli, who, following the recommendation of the Technical Committee on “Emergency Measures for the Supply of Energy”, chose to temporarily stop this activity.

It was recently learned that the region’s energy supply fell below the stipulated level, for which reason they have been forced to impose cuts in services during periods of higher consumption.

According to Rizvanolli, the government decided to create a technical committee to evaluate emergency power supply strategies in response to the situation. Based on the committee’s recommendations last week, the government decided to take emergency measures, including stopping cryptocurrency mining in all areas of Kosovo.

The report notes that law enforcement agencies are willing to intervene to stop the production of cryptocurrencies, and to work to identify the places where such operations are taking place.

“These actions are aimed at addressing the possible unexpected or long-term lack of electricity production capacities, energy transmission or distribution capacities in order to overcome the energy crisis without further disturbing the citizens of the Republic of Kosovo, “said the minister.

K. Tovar

Source: Cointelegraph

La entrada Kosovo decided to stop bitcoin mining apareció primero en Bitfinance.

The National Superintendency of Crypto Assets and Related Activities (Sunacrip) will supervise digital mining in Venezuela with the help of other security agencies.

The entity reported that the Headquarters of the Joint Chiefs of Staff of the Strategic Operational Command of the Bolivarian National Armed Forces (FANB), issued circular No. 002697 to the Strategic Regions for Integral Development (REDI) and Integral Development Zones (ZODI), which indicates the obligation for officials to be present at the inspections of digital miners in Venezuela.

Therefore, “before carrying out procedures or inspections to the Comprehensive Cryptoactive System”, citizen security institutions must coordinate actions with Sunacrip representatives.

The governing entity will be in charge of preventing actions that threaten the development of cryptoactive activities and that article 49 of the Constituent Decree, on the Integral System of digital currencies is complied with. The norm establishes that the official who obstructs or stops, without a justified reason by this body, the materialization of operations will be sanctioned with imprisonment of three to five years.

K. Tovar

Source: Doblellave

La entrada Sunacrip will carry out inspections in the Venezuelan digital mining apareció primero en Bitfinance.

Cryptocurrencies arrived on the Venezuelan financial scene almost a decade ago. Activities such as the purchase and sale of bitcoin, marketing and payments in said asset – the main cryptocurrency in the market – as well as the sending and receiving of remittances have contributed to the commercial boom of this asset.

At the same time, mining has increased in the Latin American country, currently legal throughout the territory, in accordance with the provisions made by the Venezuelan government through the National Superintendency of Crypto Assets and Related Activities (Sunacrip).

In this sense, it is appropriate to mention the initiative of a group of Venezuelan entrepreneurs dedicated to bitcoin mining, which has materialized in a historical museum called CriptoAvila.

Museo de la Minería de #Bitcoin inaugura con exhibición en la Torre Xerox de Chacao, en Caracas, donde podrán acudir todos los interesados en la minería de criptomonedas. Allí serán recibidos por las promotoras de CriptoAvila, quienes ofrecerán el recorrido de manera gratuita. pic.twitter.com/fI1kUHqEed

— Petro Divisa❁ (@PetroDivisa) July 16, 2021

It is a space where the general public will be able to appreciate different aspects related to crypto mining from this Saturday, July 17, at the Xerox Tower, in Chacao, Caracas.

Visitors will be able to get to know directly, beyond a reference on the Internet, previously used computer equipment, such as traditional CPUs, through GPUs, FGPAs, to integrated circuits better known as ASIC chips.

The desire to show the evolution of the equipment used in bitcoin mining has been the main driver of the entrepreneurs involved in this company. To make the meeting more authentic, they offer a model mine where you can appreciate the dynamics.

Joan Telo, promoter of the museum, indicated that the exhibition includes “an ATI 5850 video card, considered one of the models of graphics cards for bitcoin mining.” The museum has a technical department for the repair and sale of equipment and spare parts.

M.Pino

With information from agencies and social networks

La entrada Venezuela to open museum on bitcoin mining apareció primero en Bitfinance.

Kazakhstan’s President Kassym-Jomart Tokayev, recently signed a regulatory framework for cryptocurrency miners, which will impose an additional tax for the use of electricity.

According to the new law, these new rates would take effect from January 2022. This decision is made due to the boom that digital assets have had in the region.

Specifically, mining users will now have to pay approximately $ 0.00233 per kilowatt-hour to continue using their equipment.

Albert Rau, chairman of the regional development and economic reform committee, said the main goal of the new legislation is to regulate the crypto mining industry and “bring it out of the shadows.”

Kazakhstan has become a major destination for cryptocurrency mining operations. Data from the Cambridge Bitcoin Electricity Consumption Index, Kazakhstan is the fourth largest country in the world in terms of its total share of the Bitcoin hash rate after China, the United States, and Russia.

K. Tovar

Source: Cointelegraph

La entrada Kazakhstan to apply new tax to crypto miners in 2022 apareció primero en Bitfinance.