Topic: US Sanctions Russian Crypto Mining Host Bitriver - page 2. (Read 230 times)
Ofcourse cryptocurrencies would be useful but we have to understand that even though the government is trying to somehow try and keep the money flowing in the Russian economy to try and not fuel the war they must understand that cryptos would be inevitably used by "common people" who are clearly not really the cause of the war. Banning companies to prevent them from selling outside the country would create a hole. Now this hole would most probably be filled by countries like : China, making their economy stronger and more developed but we must also understand that the Chinese government would continue to have good relationships with the Russian government therby allowing them to make sure the money flow indirectly. This seems kinda impossible until and unless all the countries join their hands to support Ukraine.
I just now heard about this company. But I heard that most of the companies that were engaged in cloud mining services went bankrupt or deceived their customers.
If you are mining cryptocurrency, then supplies of equipment from China are not blocked to Russia. I do not know what they write in the news, but China is very actively selling its products to Russia.
If you are mining cryptocurrency, then supplies of equipment from China are not blocked to Russia. I do not know what they write in the news, but China is very actively selling its products to Russia.
Your own Central Bank chief and even the Mayor of Moscow say something else:
https://www.businessinsider.com/russian-central-banker-warns-country-reserves-finite-nabiullina-ukraine-war-2022-4
The only thing that seems to need more sanctions is the import of brainwashing drugs, Russia seems to still get those in large quantities.
I would not say it better, but if someone really doubts, then let him ask the moderator of the Russian-language section what it is like for him to live in Russia now. By the way, this is not all the news ... literally today, Binance also made a statement.https://www.businessinsider.com/russian-central-banker-warns-country-reserves-finite-nabiullina-ukraine-war-2022-4
The only thing that seems to need more sanctions is the import of brainwashing drugs, Russia seems to still get those in large quantities.
Following the EU’s fifth package of restrictive measures against Russia, Binance is required to limit services for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that have crypto assets exceeding the value of 10,000 EUR. [...]
Sanctions are much more than just "not allowing money to be sent to some country", and crypto is not going be useful for bypassing them.
For example, Bitmain sells millions of devices to the United States, so if the United States decided to ban Bitmain, they would think seriously before selling the devices to Russia.
US could also impose restrictions on chips, semiconductors and other things that greatly harm mining companies.
I just hope that crypto will not be an arena of political conflict because it may mean a quick collapse in prices in the short term.
[1] Bitmain Sells 30K Miners to Marathon Digital for $120M
Imposed sanctions by the USA already proved to be ineffective.
Your own Central Bank chief and even the Mayor of Moscow say something else:
https://www.businessinsider.com/russian-central-banker-warns-country-reserves-finite-nabiullina-ukraine-war-2022-4
The only thing that seems to need more sanctions is the import of brainwashing drugs, Russia seems to still get those in large quantities.
it's a problem for companies in Russia right now,,, but even so crypto users are not only in the US, there are many countries that Bitriver can target for their cloud mining services for example India or China,, of course they have a way to get around this problem
Oh yeah, they could definitely sell their mining operations to China! And the Vatican! And Bartovia!
Anyhow, if the US has started to add mining companies to the list Bitmain will have to start making some very cautious moves and decide to whom they plan on selling gear. The US market is by far the largest purchaser of gear right now, Bitmain has orders in the billions with US companies and they don't want to mess that up, moreover, their chip supplier TSMC has already banned the sales of chips to Russia or third companies dealing with Russian clients so slowly the gate is closing down.
it's a problem for companies in Russia right now,,, but even so crypto users are not only in the US, there are many countries that Bitriver can target for their cloud mining services for example India or China,, of course they have a way to get around this problem
Source
Basically, Bitriver won't be able to sell their cloud mining to anyone from the US and their allies, and it won't be able to buy mining equipment from those countries. There's even a possibility that third parties, like Chinese companies, won't do business with them if they will want to preserve their connections with the US - there have been examples of such actions by Chinese companies in other fields, even though Chinese government is not sanctioning and is actually supporting Russia.
Sanctions are much more than just "not allowing money to be sent to some country", and crypto is not going be useful for bypassing them.
Quote
"Treasury is also taking action against companies in Russia’s virtual currency mining industry. By operating vast server farms that sell virtual currency mining capacity internationally, these companies help Russia monetize its natural resources. Russia has a comparative advantage in crypto mining due to energy resources and a cold climate. However, mining companies rely on imported computer equipment and fiat payments, which makes them vulnerable to sanctions," a Treasury statement said.
Basically, Bitriver won't be able to sell their cloud mining to anyone from the US and their allies, and it won't be able to buy mining equipment from those countries. There's even a possibility that third parties, like Chinese companies, won't do business with them if they will want to preserve their connections with the US - there have been examples of such actions by Chinese companies in other fields, even though Chinese government is not sanctioning and is actually supporting Russia.
Sanctions are much more than just "not allowing money to be sent to some country", and crypto is not going be useful for bypassing them.
Do not think this will be a significant loss or concerning matter for Russia or crypto.
Imposed sanctions by the USA already proved to be ineffective. There is no way crypto can be used to put sanctions on Russia or any other country. Its borderless payment system makes it immune to any financial barrier. Maybe that is also the reason Russian banks now want to legalize crypto when a few months earlier we saw a negative sentiment towards crypto from them.
Yeah, crypto is not the answer. Crypto cannot counter most of the sanctions imposed on Russia. The Russian economy is grounded on fiat. Its deals with the rest of the world are based on fiat.
And also, a lot of the sanctions are not financial. They may be directed at the Russian economy but they're not necessarily financial sanctions unlike the freezing of bank accounts, SWIFT ban, and others.
It is in this regard that crypto is helpless. How could it address, for example, the ban on the sale of mining equipment? How could crypto be of help if nobody is buying potatoes from Russia anymore?
And also, a lot of the sanctions are not financial. They may be directed at the Russian economy but they're not necessarily financial sanctions unlike the freezing of bank accounts, SWIFT ban, and others.
It is in this regard that crypto is helpless. How could it address, for example, the ban on the sale of mining equipment? How could crypto be of help if nobody is buying potatoes from Russia anymore?
Source
Basically, Bitriver won't be able to sell their cloud mining to anyone from the US and their allies, and it won't be able to buy mining equipment from those countries. There's even a possibility that third parties, like Chinese companies, won't do business with them if they will want to preserve their connections with the US - there have been examples of such actions by Chinese companies in other fields, even though Chinese government is not sanctioning and is actually supporting Russia.
Sanctions are much more than just "not allowing money to be sent to some country", and crypto is not going be useful for bypassing them.
Quote
"Treasury is also taking action against companies in Russia’s virtual currency mining industry. By operating vast server farms that sell virtual currency mining capacity internationally, these companies help Russia monetize its natural resources. Russia has a comparative advantage in crypto mining due to energy resources and a cold climate. However, mining companies rely on imported computer equipment and fiat payments, which makes them vulnerable to sanctions," a Treasury statement said.
Basically, Bitriver won't be able to sell their cloud mining to anyone from the US and their allies, and it won't be able to buy mining equipment from those countries. There's even a possibility that third parties, like Chinese companies, won't do business with them if they will want to preserve their connections with the US - there have been examples of such actions by Chinese companies in other fields, even though Chinese government is not sanctioning and is actually supporting Russia.
Sanctions are much more than just "not allowing money to be sent to some country", and crypto is not going be useful for bypassing them.
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