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Ronald Maguire

14 April 2022 370 Read Crypto , Bitcoin

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US Treasury Sanctions Russian BTC Mining Companies

The US Treasury has once again imposed sanctions on Russian BTC mining companies, as before. The restrictions imposed by the United States are aimed at preventing Russia from gaining money by mining PoW and using its energy resources.

Trade and Energy Restrictions

US President Joe Biden announced last month that he will no longer import oil from Russia. However, Russian Bitcoin mining companies turned out to be using the oil that was not sold to the USA and Europe as energy for BTC mining. The IMF also made a similar claim in its Global Financial Stability Report.

If the sanctions work, Russian companies' BTC mining operations could be greatly restricted.

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