Exciting Developments in Cryptocurrency Mining Industry in July 2024
July 2024 brought about some significant advancements in the cryptocurrency mining industry, from legal regulations to corporate expansions. These developments are shaping the industry and paving the way for further growth.
Russia Establishes Legal Framework for Cryptocurrency Mining
In late July, the Russian State Duma passed a bill that regulates cryptocurrency mining and digital asset distribution, aiming to bring large-scale mining operations under official scrutiny. The bill mandates registration with the Mining Infrastructure Operators Register for these operations, while exempting individual home miners who adhere to energy consumption limits.
President Vladimir Putin signed the law on August 8, introducing terms like “digital currency mining” and “mining infrastructure operator.” This legal framework clarifies the industry’s operational environment and sets the stage for future regulatory and tax policies.
Australian Bitcoin Miner Iris Energy Expands with New Funding
In a significant move, Australian Bitcoin miner Iris Energy secured $413 million in funding in July. The company plans to enhance its operational capabilities by adding 30 EH/s and 510 MW data centers to support its 2024 expansion goals. This financial boost also positions Iris Energy to explore new power markets, including projects in West Texas.
Riot Platforms Acquires Block Mining to Fuel Expansion
Riot Platforms made headlines with its acquisition of Kentucky-based Bitcoin miner Block Mining for $92.5 million. This strategic move not only diversifies Riot’s business but also provides additional development capacity, with plans to expand to over 300 megawatts. CEO Jason Less emphasized the importance of this acquisition in achieving Riot’s growth targets.
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