Mining and Cross-Border Payments with Cryptocurrencies Legal in Russia Starting Sep. 1

Starting from September 1, 2024, Russia will officially implement a bill that allows cryptocurrency mining and the use of cryptocurrency for cross-border payments.

This marks the first time such a globally influential superpower has legalized mining and the adoption of cryptocurrency transactions. Russia will utilize its national payment card system to facilitate exchanges between the ruble and cryptocurrency, thereby circumventing the economic sanctions imposed by the United States. In 2022, Iran had already employed this method to evade U.S. economic sanctions. Cryptocurrencies are becoming an important tool in global political games and the maintenance of national financial security.

From the perspective of holders and miners, the inclusion of cryptocurrencies as a legal foreign trade currency by a superpower like Russia is obviously a significant boon. The application value of cryptocurrencies, especially Bitcoin, has gained unprecedented recognition and enhancement. For Russian miners, in particular, they may be one of the happiest groups of miners in the world, enjoying the huge advantages of compliance, suitable climate, and cheap electricity. In 2023, Russia was already the second-largest cryptocurrency mining country in the world, accounting for 13% of the global Bitcoin hash rate. In the cold Irkutsk, the region’s massive hydropower could theoretically support 20% of global Bitcoin mining, and the price of this hydropower is only 1-3 cents.

With the huge advantage of low electricity prices, Bitcoin, as the most valuable and successful virtual currency in the world, is undoubtedly the most worthwhile cryptocurrency to mine. Taking the ANTMINER T21 190T as an example, the current spot price is around 2,600 USD. When the electricity price is 2 cents and the coin price is 60,000 USD, the static payback period of the machine is around 380 days, with a daily mining output of 0.00014060 BTC, and the theoretical shutdown coin price is around 14,400 USD.

It’s not only low-energy-ratio machines like the ANTMINER T21 that can bring safe and considerable returns to miners. When the electricity price is low enough, miners have a wide range of choices. Whether you choose the S19 82T, which is as low as 450 USD per unit, or the S21XP HYD 473T, which can produce 0.00035002 BTC per day, they can all bring positive returns to miners. Miners can choose the ASIC that best suits their expectations and purchasing power according to the actual situation.

If you are still unsure about how to choose, please contact BITMARS’s Russian commissioner. We have a large inventory, including many models such as S21PRO 234T, S19 86/90T , S21 HYD 335T , S19 PRO+ HYD 198T, T21 190T, S19JXP 151T , S19K PRO 120T , etc. We can recommend the most suitable mining solution for you.

Finally, BITMARS would like to remind everyone that all investments carry risks, so decisions should be made cautiously.

BITMARS is an internationally renowned crypto miner trading company. We provide comprehensive, professional, timely, and cost-effective miner purchasing and hosting services to maximize your wealth!