Russia | ForkLog

ForkLog 21 01.02.2024

Russia’s Bitcoin Mining Potential and Regulatory Critique

Cryptocurrency market regulation in Russia is progressing at a sluggish pace, despite the sector’s potential to contribute significantly to the national budget. This was highlighted by participants at the RBC-Crypto forum titled “Mining and Cryptocurrencies: Architecture of Growth.” According to the Industrial Mining Association, large data centers dedicated to cryptocurrency mining could provide liquidity for […]

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ForkLog 14 30.01.2024

Illegal Mining Farm Discovered in Unfinished House in Irkutsk Region

Police in the Irkutsk region conducted a raid in the village of Zalari, uncovering an illegal mining farm within the confines of an unfinished private house. The operation was prompted by a complaint from energy providers, who discovered that the building was illicitly connected to the power grid. A metal container on the site emitted […]

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ForkLog 43 29.01.2024

Russia Evaluates Potential Tax Revenue from Bitcoin Mining

The tax potential of mining in Russia, with the introduction of balanced regulation, is estimated at 50 billion rubles annually after 2025. This was reported by TASS, citing a statement from Sergey Bezdolov, Director of the Industrial Mining Association. According to his data, Russian miners consume about 2.5 GW of electrical power. Of this, 1.7 […]

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ForkLog 27 29.01.2024

Russian Linked to REvil Faces Sanctions from Three Nations

The United States, Australia, and the United Kingdom have imposed sanctions on Russian national Alexander Ermakov, held responsible for the hacking of Australian insurance company Medibank. The U.S. government claims that Ermakov and other participants in the attack are connected to the Russian-backed cybercriminal group REvil. According to OFAC, in October 2022, ransomware operators stole […]

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ForkLog 39 26.01.2024

Cryptocurrency Mining Farm with 620 Devices Discovered in Makhachkala Parking Garage

Police in Makhachkala, in collaboration with specialists from the Dagenergo branch, uncovered a cryptocurrency mining farm with 620 devices in the garage of an underground parking facility while investigating residents’ complaints about power surges in a multi-storey building. The equipment belonged to a 35-year-old local resident. An inspection revealed that he had connected the equipment […]

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ForkLog 48 24.01.2024

LocalCoinSwap Withdraws from Russian and Venezuelan Markets

On January 22, clients of the P2P platform LocalCoinSwap in Russia and Venezuela received letters announcing the company’s withdrawal from these jurisdictions. The information was confirmed in the official Telegram chat. The exchange attributed its decision to “recent changes in the regulatory sphere” in these regions. Source: Screenshot of the letter. LocalCoinSwap announced a complete […]

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ForkLog 24 24.01.2024

Russian Economists Propose Disconnecting Miners During Energy Shortages

The Higher School of Economics (HSE) has proposed forcibly disconnecting large-scale miners from electricity to address energy shortages in certain Russian regions, according to Izvestia. The initiative suggests categorizing cryptocurrency mining data centers as a separate group of consumers, which could be restricted from electricity supply for up to 500 hours annually (approximately 21 days). […]

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ForkLog 26 18.01.2024

Cryptoruble Developers Announce Listing on Exchange

The developers of the cryptoruble have secured their first listing agreement on the new cryptocurrency exchange, ABCex.io. This was announced by Indefibank CEO Sergey Mendeleev. The platform is currently in beta testing, and the asset will be added within a couple of weeks. Upon completion of the testing period, cryptoruble users will participate in an […]

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ForkLog 67 17.01.2024

Tether Seeks Trademark Registration in Russia

On January 12, cryptocurrency firm Tether filed applications for the registration of four trademarks in Russia. The relevant documents were published in the bulletin of the Federal Service for Intellectual Property on January 15. Source: Rospatent. The issuer of USDT is registering the following trademarks: Alloy by Tether (application 2024701810); AUSDT (2024701812); Tether Alloy (2024701813); […]

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ForkLog 22 16.01.2024

Illegal Mining Farm Overloads Power Grid in Makhachkala

Energy officials in Dagestan, in collaboration with law enforcement, have uncovered an illegal mining farm in the Kirovsky district of Makhachkala, according to a report by the branch of “Rosseti North Caucasus” — “Dagenergo.” Experts observed a significant overload on the power line extending from the “Polygon ‘Solntse'” substation, which is equipped with two transformers, […]

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ForkLog 24 15.01.2024

Bank of Russia Identifies ‘Slovopacana’ as a Pyramid Scheme

On January 12, the Bank of Russia expanded its list of companies exhibiting signs of illegal activity in the financial market. The regulator has classified the cryptocurrency project ‘Slovopacana’ as a financial pyramid. The project’s organizers offer the purchase of a native token called Boiler (BLR), which purportedly increases in value daily by 1% to […]

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ForkLog 18 15.01.2024

Dagestan Bitcoin Miners Urged to Shut Down During Cold Spell

Owners of mining farms in Dagestan have been asked to shut down their equipment due to electrical grid overloads during the cold season. This request was issued by the Dagenergo branch of Rosseti North Caucasus. Experts assert that cryptocurrency mining is causing technological disruptions. “The dynamics of network load, which sharply increases over short periods, […]

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