With digital currency gaining in popularity worldwide, additional mining operations and farms have started to appear despite looming bans on the practice. While many see bans on crypto mining as a hindrance to entrepreneurship and the crypto space, in actuality, it’s an effort to protect and enhance cities, states, and countries’ natural, historic, cultural, and electrical resources.
Back in March, a moratorium was enacted in Plattsburgh, New York, the first major U.S. city to pause any and all mining operations due to an operation that had nearly drained the city of its electrical resources, at the expense of the residents who were the ones paying for it. Plattsburgh’s ban stated that it would issue a penalty of up to $1,000/day on any firm, person, corporation, or other entity that established or ran a commercial cryptocurrency mining operation once the ban went into effect.
For its part, Russia will soon become home to one of the largest legal mining operations in the world, located in Siberia. Earlier this year, the Bank of Russia, Russia’s central bank, offered to allow the mining of cryptocurrencies, but proposed that miners sell their coins outside the country.
The first deputy governor of the bank emphasized the need to take a “taxation point of view” and consider how it can be controlled and reported. However, selling cryptocurrencies outside the country doesn’t remove the requirement that miners file and pay their taxes.
One company, Minery, recently announced that it intends to establish five mining complexes with a total capacity of 55 megawatts on a 59,000 square foot site within the Irkutsk region. It has partnered with Bratsk Electric Grid Company JSC, a regional power supplier. Read more from altcointoday.com…
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