Exciting Developments in Cryptocurrency Mining Industry in July 2024
July 2024 witnessed significant legal and corporate developments in the cryptocurrency mining industry, shaping its trajectory. From Russia’s regulatory enforcement to strategic investments in infrastructure, the industry is evolving rapidly.
Russia Sets Legal Framework for Cryptocurrency Mining
In late July, the Russian State Duma passed a bill regulating cryptocurrency mining and digital asset distribution. The new law requires large-scale mining operations to register with the Mining Infrastructure Operators Register. Home miners are exempt from registration if they adhere to energy consumption limits set by the government.
President Vladimir Putin signed the law on August 8, introducing official terms such as “digital currency mining” and “mining infrastructure operator.” This legal framework recognizes mining as part of the revenue process and may impact future regulatory and tax policies.
Iris Energy Boosts Mining Capabilities with New Funding
Australian Bitcoin miner Iris Energy secured $413 million in July to enhance its operational capabilities. The company plans to add 30 EH/s and 510 MW data centers to support its expansion goals in 2024. This funding also strengthens Iris Energy’s position for future growth and strategic opportunities.
Riot Platforms Expands with Block Mining Acquisition
Riot Platforms acquired Kentucky-based Bitcoin miner Block Mining for $92.5 million in July. This strategic move is part of Riot’s diversification and expansion strategy in the United States. The acquisition provides Riot with additional development capacity and positions the company for further growth and market expansion.
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