Russia will lift the ban on Bitcoin mining tomorrow and plans to build mining and artificial intelligence facilities

2024-10-31 14:46:33

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ChainCatcher news, according to Cointelegraph, Digital Mining Solutions founder Nico Smid stated that Russia plans to build Bitcoin mining and artificial intelligence computing facilities in BRICS countries, with other countries potentially following suit by utilizing underused energy to mine Bitcoin.

The Russian sovereign wealth fund is collaborating with Russian data center operator BitRiver to establish Bitcoin mining and artificial intelligence computing facilities for BRICS countries. This project could facilitate BRICS countries settling global trade in Bitcoin—an alternative to a basket of local currencies and gold as a currency support scheme.

Russia will lift the ban on Bitcoin mining on November 1, but not without restrictions. It requires all Bitcoin miners to register with the Federal Tax Service of Russia and submit a list of machine models and wallet addresses.

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