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Crypto mining news digest

This week’s biggest crypto mining news — 02/18

Ukraine legalizes cryptocurrencies, huge oil and gas producer starts exploring the mining industry, and more on this crypto mining news digest

#1: Ukraine legalizes cryptocurrencies amid tensions with Russia

Ukraine has legalized cryptocurrencies amid soaring tensions with Russia even as many top officials of central banks across the world and IMF Managing Director Kristalina Georgieva expressed their reservations over the penetration of unbacked virtual currencies.

Ukraine’s Vice Prime Minister Mykhailo Fedorovon, in a Twitter post, on Thursday said the country’s Parliament has adopted a law on virtual assets, which will legalise cryptocurrencies. Fedorovon also said that this step will protect the assets of Ukrainians from possible abuse or fraud.

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#2: ConocoPhillips is selling extra gas to Bitcoin miners in North Dakota

ConocoPhillips is selling extra flare gas to bitcoin miners in North Dakota.

The company said in a statement to CNBC on Tuesday that it has one bitcoin pilot project currently operating in the Bakken, a region in North Dakota known as an important source of new oil production in the U.S.

A representative for ConocoPhillips said the company is not operating the crypto mine itself. Instead, it sells gas that would otherwise have been burned off to a bitcoin processor that is owned and managed by a third party.

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#3: Russian government wants to legalize Bitcoin mining in specific areas

Photo by Felipe Simo on Unsplash

Russia’s Ministry of Economic Development has greenlighted the concept of crypto mining regulation in the country, proposing to allow mining operations in areas with “sustainable surplus in electricity generation,” local news agency Izvestia reported Tuesday.

As part of the proposal, the ministry suggested introducing lower fees for setting up mining farms and data centers in specific Russia’s areas as well as offering reduced energy rates for such facilities.

Anatoly Popov, deputy chairman of the executive board at Russia’s banking giant Sber, reportedly voiced the company’s support of regulating the industry rather than banning it.

“Our position coincides with the position of the government that cryptocurrencies should be regulated, not banned. Effective regulation is needed that will allow citizens and organizations to legally acquire cryptocurrency, take it into account AML mechanisms and taxation.“

— Anatoly Popov

#4: Crypto miner BIT Mining ditches data center build in Kazakhstan due to unstable power supply

BIT Mining announced in May a plan to invest $9.33 million to construct and operate a data center in Kazahkstan with a total power capacity of 100 megawatts (MW).

However, during its quarterly earnings report this morning, the company said that deal had been terminated.

The move won’t affect BIT Mining’s bitcoin mining machines deployed in third-party data centers in the country, said the firm.

BIT Mining, meanwhile, continues to ramp up data center investment in the U.S., saying development of its Ohio mining site is expected to be completed in the first half of this year. The location will have a total planned power capacity of up to 150 megawatts.

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