“Sanctions threaten to cripple Russia’s multibillion-dollar crypto industry”
April 22, 2022
“This week, U.S. officials targeted Russian bitcoin mining firm BitRiver in its latest round of sanctions aimed at hurting Russia’s economy. The Treasury Department’s Office of Foreign Assets Control says it is concerned Russia may monetize its vast oil reserves and other natural resources for power-intensive crypto mining as a way to raise funds and get around western sanctions…
The sanctions will cripple BitRiver and its various subsidiaries, blocking them from accessing U.S. crypto exchanges or mining equipment. Crypto mining — the process of validating new digital currency transactions — requires specialized computers that consume lots of energy…”