Krutika Adani
Russia has quasi-banned crypto mining in its country and has been seizing mining equipment from several miners.
According to the Russian Minister for Finance and the chief of the Central Bank of the Russian Federation, cryptocurrencies have been undermining the role of the Russian Ruble in the country.
According to a new Russian law, only a few listed entities can mine Bitcoin and other cryptocurrencies in the country.
A recent crackdown in the Irkutsk region led to the seizure of 283 mining rigs from small-time miners who might have been operating illegally, as per the new mining law.
Russia aims to be a crypto mining superpower, but its recent crackdown on thousands of crypto miners threatens this ambition.