Russian Oil Companies Propose to Mine Cryptocurrencies at Their Wells
Companies involved in oil production in Russia have come up with a project to organize the mining of cryptocurrencies right next to the oil fields they are exploiting. Data centers devoted to coin minting can be powered by the excess gas released during oil extraction which would otherwise be wasted. Ministries and Central Bank Review Crypto Mining Project by Russian Oil Industry Government institutions in Moscow are now discussing an initiative launched by Russia’s oil companies to start mining cryptocurrency at their extraction sites. The industry is proposing to....
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Russian crypto mining operator Bitriver will use electricity generated from associated gas provided by Gazprom Neft to mint digital coins. As part of a new agreement, the mining company will in return develop the digital infrastructure at the oil producer’s wells in Russia. Crypto Mining Operator Bitriver to Cooperate With Russian Oil Giant Gazprom Neft Russia’s third largest oil producer, Gazprom Neft, will power data centers operated by the country’s leading crypto mining company, Bitriver. The electricity needed for the production of digital currencies will be....
Financial services firm Wells Fargo says that cryptocurrencies are viable investments that have entered the “hyper-adoption” phase. “Cryptocurrencies have been following an adoption pattern similar to other new advanced technologies, such as the internet,” the firm’s global investment team detailed. Crypto in Hyper-Adoption Phase, Says Wells Fargo Wells Fargo’s investment institute published a special report titled “Understanding Cryptocurrency” this week. The report attempts to answer whether it is “too early or too....
Russian lawmakers have approved amendments regulating the taxation of transactions with digital assets. The legislation concerns business operations with cryptocurrencies and tokens. In some cases, the burden for Russian companies will be reduced as compared to foreign entities. Russian Duma Passes Law to Tax Crypto Transactions A bill amending the Tax Code of the Russian Federation to allow the authorities in Moscow to tax operations with digital financial assets (DFAs) has been approved on second, third, and final reading in the State Duma, the lower house of Russian parliament. The....
Russian authorities continue to show increasing interest in cryptocurrencies as Bitcoin nears a new all-time high. The Russian government is considering a new project to mine Bitcoin (BTC) with associated petroleum gas.Vasiliy Shpak, Deputy Minister of Industry and Trade of Russia, has reportedly filed a proposal with the Russian central bank and the Ministry of Digital Development to use the country’s oil field equipment for mining cryptocurrency.According to a report by Kommersant, the proposal was filed on Sept. 7, asking the government to provide their feedback on an initiative....
Lawmakers have filed a bill with the State Duma aimed at introducing the term NFTs to Russian legislation. The authors of the draft say the rights of those who own non-fungible tokens need to be protected as Russians are currently dealing with NFTs at their own risk.
Russian Deputies Propose Amendments Legally Defining NFTs
Members of the lower house of Russian parliament, the Duma, have put forward a draft law that will incorporate the term “NFT-tokens” into the Civil Code of the Russian Federation. The sponsors of the bill, Vladislav Davankov and Anton Tkachev,....