Bitcoin mining could help Russia fight sanctions

[Hanno Labuschagne]

Bitcoin mining could help Russia fight sanctions

Rich in energy, but starved of foreign currency, Russia may use Bitcoin mining to dent the impact of ever tougher sanctions as the war in Ukraine drags on, according to one analyst.

“It wouldn’t be a stretch for the Russian government or certain sanctioned entities to look to mining as a way to get access to Bitcoin,” said David Carlisle, director of Policy and Regulatory Affairs at blockchain analytics firm Elliptic.

“They could be translated to goods and services or just hard cash.”

[Bloomberg]

 

[Sensorei]

This is a no-brainer for Russia now. It's bound to happen.

 

[Swa]

Switch off their internet. Let's see if it serves them if they can't connect to the blockchain.

 

[Synaesthesia]

Yeha we just gotta unplug that one giant router in a warehouse somewhere labelled "Russia"

 

[Grubscrew]

Mine with what?

 

[rvZA]

Governments globally have way too much access to Bitcoin and other crypto accounts and info. They can easily identify, block or seize these accounts. This just recently happened when the Canadian government identified hundreds, thousands of Trucker crypto accounts and blocked them all. They also identified businesses and individuals who made donations to these accounts. Crypto is not going to be their solution. World governments will identify accounts and keep blocking and seizing funds. There is not as much anonymity in Crypto as people think.