Can BRICS miners really win the hashing war and bypass sanctions?
The post Can BRICS miners really win the hashing war and bypass sanctions? appeared on BitcoinEthereumNews.com. The BRICS summit in Kazan, Russia, raised the issue of international sanctions and capital controls. Bitcoin (BTC) mining was raised as potentially bypassing the sanctions. BRICS may bring back dominance in Bitcoin (BTC) mining and use the valuable coins as betting chips for international finance. The formation of a BRICS group as an alternative to Western economic regions raises the question of sanctions and cross-border capital controls, which are often circumvented with crypto usage. If BRICS countries manage to mine Bitcoin, they could find buyers and bypass some of the sanctions, experts suggested. This time around, BRICS countries may not rely on voluntary mining. Russian miners were among early crypto adopters and users in the first years of Bitcoin, but the country may aim to become a bigger player in mining geopolitics. Despite the fears of experts, it is highly improbable that BRICS countries could flood the market with newly mined coins. With a transparent blockchain, some of the transactions may be tracked, and exchanges can choose to blacklist wallets. BTC is also traceable and exchanges may refuse to carry out trades if the origin of the coins is unknown. Even OTC trades may not be freely available. Crypto coins and tokens have been used to bypass border capital controls, but they may not be enough to bypass global sanctions. Only Venezuela has tested using stablecoins as an alternative for oil sales. Russia prepares for tighter state control on mining Russia’s biggest data center operator, BitRiver, has built a partnership with the Russian Direct Investment Fund to build mining and AI facilities across BRICS nations. The shift to mining acceptance follows a previous crackdown on Russian miners, including those in residential areas. BitRiver operates 21 data centers in Russia, with another 10 under construction. The firm has received state backing…
The post Can BRICS miners really win the hashing war and bypass sanctions? appeared on BitcoinEthereumNews.com.
The BRICS summit in Kazan, Russia, raised the issue of international sanctions and capital controls. Bitcoin (BTC) mining was raised as potentially bypassing the sanctions. BRICS may bring back dominance in Bitcoin (BTC) mining and use the valuable coins as betting chips for international finance. The formation of a BRICS group as an alternative to Western economic regions raises the question of sanctions and cross-border capital controls, which are often circumvented with crypto usage. If BRICS countries manage to mine Bitcoin, they could find buyers and bypass some of the sanctions, experts suggested. This time around, BRICS countries may not rely on voluntary mining. Russian miners were among early crypto adopters and users in the first years of Bitcoin, but the country may aim to become a bigger player in mining geopolitics. Despite the fears of experts, it is highly improbable that BRICS countries could flood the market with newly mined coins. With a transparent blockchain, some of the transactions may be tracked, and exchanges can choose to blacklist wallets. BTC is also traceable and exchanges may refuse to carry out trades if the origin of the coins is unknown. Even OTC trades may not be freely available. Crypto coins and tokens have been used to bypass border capital controls, but they may not be enough to bypass global sanctions. Only Venezuela has tested using stablecoins as an alternative for oil sales. Russia prepares for tighter state control on mining Russia’s biggest data center operator, BitRiver, has built a partnership with the Russian Direct Investment Fund to build mining and AI facilities across BRICS nations. The shift to mining acceptance follows a previous crackdown on Russian miners, including those in residential areas. BitRiver operates 21 data centers in Russia, with another 10 under construction. The firm has received state backing…
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