Japanese company will stop mining cryptocurrency in Russia

Japan’s SBI Holdings Inc. will stop mining cryptocurrencies in Russia Japan’s largest online brokerage company SBI Holdings Inc. has announced that it will stop mining cryptocurrencies in Russia, Bloomberg writes.

The decline of the global cryptocurrency market has made token mining less profitable. Before that, miners rushed to Russia to take advantage of cheap electricity. The country became a popular destination (apart from North America) after China imposed a ban on mining in May last year.

Bitcoin from TradingView In April, the US Treasury Department imposed sanctions against the Swiss cryptocurrency mining company BitRiver because of its operations in Russia.

Shortly after, the American company Compass Mining Inc. tried to liquidate $30 million worth of equipment in Siberia to avoid sanctions.

The International Monetary Fund (IMF) warned in an April report that cryptocurrency mining could give Russia the opportunity to circumvent large-scale economic sanctions imposed by the United States and other countries.

Previously, analysts of the Institute of Research and Expertise of VEB.The Russian Federation proposed, against the background of the imposed financial sanctions, to create a gold-backed stablecoin in Russia under the working name “golden ruble”.