The Russian government is expected to collect up to 1 trillion rubles ($13 billion) in crypto tax each year, as per an estimation by the authorities. The Bell, a local Russian publication, reportedly got its hands on the government analytic note that estimated the yearly tax revenue. According to the letter's authors, Russians hold 12% or nearly $214 billion in crypto. The number of users on foreign exchanges is estimated to be about 10 million, added with the significant number of over-the-counter (OTC) crypto trades. The government agency believes even the most straightforward tax imposition can generate anywhere from 146 …

The Kazakh government is considering a three-pronged proposal designed to make crypto miners pay much more for operating in the country, which could make Kazakhstan less attractive to the industry. On Feb. 4, Kazakhstan’s First Vice Minister of Finance, Marat Sultangaziyev, proposed a price increase from $0.0023 per Kwh to $0.01 (around a 335% increase) specifically for crypto miners. He also proposed a tax on each individual graphics card (GPU) and each piece of equipment needed for crypto mining. He likened the tax-per-video card to the way casinos are taxed for each table they run, whether or not the table …

It’s a shot in the arm for Google Cloud users at risk of cryptocurrency mining attacks. The Google Cybersecurity Action Team (GCAT) has created a threat detection service to shield “poorly configured” accounts that attackers use to mine cryptocurrency. In a blog post, Google Cloud announced the Virtual Machine Threat Detection (VMTD) release in its Security Command Center (SCC) area. A means of scanning compute engines in Google Cloud, the VMTD successfully detects threats, including crypto-mining malware used inside virtual machines. Crypto-mining malware attacks, sometimes called “cryptojacking,” are an ongoing nuisance in the industry. While browser-based cryptojacking activity spiked in …

Crypto asset manager Valkyrie will have an exchange-traded fund with exposure to Bitcoin mining firms available for trading on the Nasdaq Stock Market starting tomorrow. A spokesperson for Valkyrie told Cointelegraph that the firm’s Bitcoin Miners ETF will begin trading on the Nasdaq on Tuesday under the ticker WGMI. According to a Jan. 26 filing with the Securities and Exchange Commission, the investment vehicle will not offer direct exposure to Bitcoin (BTC), but at least 80% of its net assets will be through securities of companies that “derive at least 50% of their revenue or profits” from BTC mining or …

China’s crackdown on mining has led miners to search for other countries to continue their operations. Promises of reduced costs led some to Argentina. However, the country’s government has now applied new rates for crypto miners in the province of Tierra del Fuego. Argentina’s Energy Secretary of the Ministry of Economy published and announced resolution 40/2022, eliminating the energy government subsidies for crypto mining energy usage. The new rates make mining in the country up to four times more expensive than it used to be. According to the resolution, the hourly and seasonal energy used by miners is intense and …

With Winter Storm Landon expected to hit parts of Texas this week, major crypto mining firms are powering down in anticipation of high demands on the state’s power grid. Speaking to Cointelegraph on Wednesday, Riot Blockchain’s communications director Trystine Payfer said that the company’s data center in Rockdale already had “99% of [its] power currently shut off” since beginning curtailments on Feb. 1, with demands on the grid expected to peak on Thursday night. In addition, Bitcoin (BTC) mining firms with representation in the Texas Blockchain Council sent a letter to Texas Governor Greg Abbott informing him they planned to …

As cryptocurrency mining activity grows increasingly common in Russia, one local region is struggling to maintain power stability amid massive inflows of new crypto mining operations. Russia’s Irkutsk Oblast, a federal region and Russia’s major center of trade routes from China, experienced a fourfold increase in energy consumption in 2021 due to mining activities, local news agency TASS reported on Wednesday. Yevgeny Vechkanov, head of technology and development at the local energy firm Irkutsk Electric Networks, linked the rapid growth of crypto mining operations to the major crypto rally in 2021 as well as China’s cryptocurrency ban enforced in September. …

With roughly nine months until major federal and state elections, New York State gubernatorial candidate Jumaane Williams is making crypto mining an issue in his campaign, criticizing the lack of regulatory clarity. Speaking to climate activists and protestors at Seneca Lake in upstate New York on Monday, Williams called on current Governor Kathy Hochul to deny permits for proof-of-work crypto mining firms seeking to operate in the state, citing potential environmental concerns as well as any “harmful” economic impact. The gubernatorial candidate cited China’s crackdown on proof-of-work miners to back his claims. “20% of America’s mines operate in New York …

Russian citizens reportedly own 16.5 trillion rubles ($214 billion) worth of cryptocurrencies, according to government estimates. A Bloomberg report noted that Russians own about 12% of the total global crypto holdings. The crypto holdings estimates were calculated by analyzing IP addresses of some of the most significant crypto exchange users in the country along with a few other data points, said two people working with Kremlin. The crypto holdings analysis of Russian citizens is being carried out to get an overview of the crypto market and formulate new regulations. The proposals are yet to be finalized. The estimates are believed …

Hopium is back on the menu for solo Bitcoin (BTC) miners. A circa $240,000 reward, or 6.25 BTC, was generated by yet another solo miner this morning. This time, the odds were less than 20%, according to Con Kolivas, a Bitcoin software engineer and administrator for ckpool, whose name takes his initials. It’s the fourth “blockfind” for the ckpool since Jan. 11. Kolivas tweeted his congratulations to the miner who joins the ranks of the few and fortunate successful solo BTC miners. Congratulations to a miner with 1.14PH who solved the 264th solo Bitcoin block at https://t.co/UWgBvLkDqc ! https://t.co/5BsWlYkYJt There …

On Jan. 27, a group of eight U.S. lawmakers, led by Senator Elizabeth Warren, sent letters to the world’s six largest Bitcoin mining companies, demanding to reveal the detailed data on their electricity consumption. This isn’t the first time Senator Warren requested this information from a mining operation — last month a similar letter was sent to Greenidge Generation, which uses a natural gas plant to power its facility. These moves highlight the increasing regulatory pressure on crypto mining businesses in the United States. But, as last week’s Congress hearing showed, the growing scrutiny might turn out to be an …

Bitcoin (BTC) seems to be on everyone’s mind lately as the world recently witnessed the price of BTC take a rather unexpected bearish turn this month. On January 21, 2022, Bitcoin reached six-month lows, sinking below $40,000 for the first time in months. While some panicked, other industry experts pointed out that the Bitcoin network has become verifiably stronger than ever before. The growth of the Bitcoin network has become apparent, as hash rate figures for BTC continue to set new highs this month. For example, on Jan. 22, the BTC network recorded an all-time high of 26.643 trillion with …