- The U.S Treasury is applying sanctions against bitcoin mining in Russia.
- The sanctions seek to impede the capacity for individuals to receive fiat payments, as well as computer hardware by applying pressure on the supply chain and payment processors.
- According to the University of Cambridge, Russia is the third-largest country in the world for bitcoin mining.”
The United States Treasury Department released a press release today announcing new sanctions aimed at bitcoin mining in Russia for their ongoing war in Ukraine, as they are the third-largest bitcoin miner in the world according to the University of Cambridge.
stated that Russia has distinct advantages when it comes to bitcoin mining as it relates to the energy surplus and climate conditions provided to them. The U.S Treasury agrees with the Russian president, stating “Russia has a comparative advantage in crypto mining due to energy resources and a cold climate.”