The US Treasury targeted Russia’s cryptocurrency mining industry and began to impose sanctions on Russian cryptocurrency mining. The U.S. Treasury’s Office of Foreign Assets Control has added 10 affiliates to its list of Specially Designated Citizens, alongside Russia-based cryptocurrency miner BitRiver.

Since January 2022, it was said that the Russian state would take negative decisions regarding the ban on mining. Having made a clear decision regarding the Russian miners, Russian President Putin ultimately defended the local industry. According to recent estimates, Russia is the third largest Bitcoin mining resource in the world after the USA and Kazakhstan. But this situation may come to a halt at some point. In the Treasury’s announcement, the following details concern Russia-based miners:

“These companies are helping Russia monetize its natural resources by operating large server farms that sell international virtual currency mining capacity. The United States is determined to ensure that no entity, however complex, becomes a mechanism for the Putin regime to counterbalance the impact of sanctions.”

Source: theblockcrypto

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.