What Exactly is Cryptomining? Everything You Need to Know

The local media outlets of Russia have recently reported that Russia is planning to legalize the crypto mining industry. It is worth noting that Russia is among the largest benefactors of the crypto exodus in China. The Russian government moved to market the cold weather and the cheap electricity supply to the miners who were looking to move from China to new regions.

During this massive transition, Russia has become the third-largest country in terms of the global hashrates contribution. Hashrate refers to the amount of computing power that is required to mine the Proof of Work cryptocurrencies like Bitcoin. After the United States and Kazakhstan, Russia now accounts for 11% of the total global hashrate supply.

Andrei Lugovoi is a Russian parliamentarian who has called for a dialogue on the matter of legalizing the crypto mining companies operating the region. Lugovoi issued a statement pointing out that these newly migrated mining rigs have not been paying any taxes thus far. According to a careful estimate, these mining rigs can generate a profit of 2 billion USSR dollars per year.

Russia won’t Allow Illegal Crypto Mining

Lugovoi further added that since most of these mining farms are not regulated or registered with any centralized institutions, the government can’t screen them for illegal operations or activity. If the government of Russia could legalize the mining industry, these miners would have to pay their taxes and have greater legal clarity for their clients.

Lee Jae-Myung is the presidential candidate in South Korea representing the Democratic Party. The politician has added cryptocurrency trading rights to his list of campaign agendas. The running candidate promised his voters that he distribute the real estate profits with the citizens of South Korea in the form of cryptocurrencies.

The opposing member running for the same position and hailing from the Republican Party has alleged that Jae-Myung is proposing the use of a scam coin. The South Korean crypto market is growing rapidly. Out of the four major crypto exchange platforms operating in this region, Coinone has become the latest one to acquire a registered status following Upbit and Korbit. The fourth and last crypto exchange Bithumb has already filed for the required documents with the government regulator. However, due to the legal persecution of a major Bithumb investor for fraud, its application for registration has been delayed for approval.