In Search For A Place to Mine as Bans on Cryptos Continues

As countries continue to crackdown on cryptos, miners are looking to countries that are appear more tolerant of the space.

With all the news flooding the crypto space about countries banning crypto-related activities, including mining, some are trying to get ahead of possible bans and other factors with some crafty ideas.  

One area relates to cryptocurrency mining. Reports have surfaced that at least one person has bought power stations in Russia in preparation of being able to mine cryptos there. As it stands now, there is no formal legislation allowing for the work. 

Then there is China. It has banned initial coin offerings and shut down crypto exchanges, and worries are growing that miners could be next. Chinese bitcoin miners are among those who are looking at Canada to do their mining.

Let’s discuss.

Russian activities

For now, Russia has not adopted any laws that provide the terms on how it will handle cryptos. It has started the process, however. Determined to put a regulatory framework in place that facilitates cryptocurrencies, Russian finance officials have put the final touches on draft legislation.

It looks like something will be formerly put in place this year.

In preparation for crypto legislation finally being official, a businessman by the name of Aleksey Kolesnik has bought two power stations.  They will be used to build a data center and a center for cryptocurrency mining, according a Russian media outlet.

One of the areas specifically relates to miners. Some miners have taken it upon themselves to come up with ideas about how their activities should be regulated. A specific issue for Russian miners relates to how they should be taxed. There are calls for them to be taxed at higher rates.

Dealing with China’s crypto ban

On Monday, it was reported that Chinese miners see Canada as an ideal place for crypto mining. Not only is mining crypto not frowned upon so deeply in the country, but it’s also attractive for its low energy costs. 

According to TodayOnline, the founder of BTC.Top said:

“We chose Canada because of the relatively cheap cost, and the stability of the country and policies." 

The media outlet also reports that China's Bitmain Technologies is looking to Quebec to mine cryptos.