War and bear market force cryptocurrency miners to flee Russia

The largest online exchange in Japan closes cryptocurrency mining operations in Russia. The company said the move was prompted by the uncertainty caused by the war between Ukraine and Russia, as well as the downturn in the cryptocurrency market.

We are talking about the company SBI Holdings, which this week announced that it was leaving the Siberian region and stopping mining in Russia. Siberia is famous for its abundance of hydroelectric power and low temperatures suitable for mining.

A company spokesman said SBI’s withdrawal from Siberia was due to the uncertainty caused by the invasion of Ukraine. Moreover, he showed that bitcoin mining profits turned into losses in a bear market.

Reduce your trading fees
Trading fees can be up to several hundred dollars per year. For this reason, good traders tend to reduce them because they can greatly affect their results. You can do it too using the links below:

Bitcoin mining

Now the company has announced its intention to sell its mining equipment and abandon all operations. However, SBI did not say exactly when it would stop production in Siberia.

But this does not mean that the SBI will completely leave Russia. Indeed, the spokesman said the brokerage would retain its banking arm in Moscow.

SBI Holdings may also feel pressure from the US. Last month, Japanese financial regulators warned cryptocurrency companies to cut ties with Russia in the wake of international sanctions.

Thus, American diplomats asked the country to stop all mining operations in Siberia. In response, 31 exchanges in Japan were ordered to disable services for Russian users.

The Japan Financial Services Agency has asked cryptocurrency exchanges to monitor any transactions involving individuals under sanctions. Thus, bitcoin miners in Russia suffered another blow.

A Bloomberg report reveals that SBI’s cryptocurrency business is suffering losses. According to the publication, in 2022 alone, the company has already lost $72 million as of June 30, four months after the start of the war.

Read also: Arthur Hayes says the merger will be the same for Ethereum as the halving is for Bitcoin

Also Read: Analyst Opinions If Vasil Is For Cardano, Like A Merger For Ethereum

See also: Brazil is the second country in Latin America most affected by cyber attacks

Original Source:…

Denial of responsibility: Cardano Feed is a decentralized news aggregator that allows journalists, influencers, editors, publishers, websites and community members to share news about the Cardano ecosystem. The user should always do their own research and none of these articles constitute financial advice. The content is for informational purposes only and does not necessarily represent our opinion.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.