Mining Profitability Is Down, But Crypto Mining In Russia Is On The Up

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Cryptocurrency mining profitability is down. If we look at Bitcoin, we see low profits yet the price of equipment is on the rise, as is the cost to run the equipment. Worldwide we are seeing a decrease in the popularity of mining as a result of this. According to reports though, within Russia, it seems that mining is still on the rise and is now more popular than ever.

Russia is quite a good venue for mining. With low energy bills due to natural resources, locations of cold weather that are perfect for building mining warehouses and a modern technology sector that is seeing a huge boom, it’s actually no surprise that mining is on the up, come to think of it.

According to The Paypers:

“The number of crypto mining companies has increased by 15% in H1 2018 to a total of 75,000, according to the Russian Association of Cryptocurrencies and Blockchain (RACIB). The mining industry already employs 350,000 people. As of July 2018, Russia accounts for about 6% of the world’s mining market, which is 1% more than a year ago, while the US and Canada hold the leading positions. At the same time, RACIB claims the number of Russians owning cryptocurrency has increased in 2018 from 2.5 to 3 million.”

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Moreover:

“Earlier, RACIB announced that 70,000 Russians are employed in the crypto sector, a figure that could exclude those hired by the mining companies, the online publication continues. Moreover, according to Russian crypto media, the average salary in the industry has fallen by 40% from the 2017 record levels but, nevertheless, it remains relatively high for Russian standards, 10 times higher than the country’s average for certain professionals.”

These statistics offer some great insight into the future for cryptocurrency mining. If Russia are able to capitalise on this and become a powerhouse for mining then they may very well start to find cheaper alternatives and make the industry profitable again.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Robert Johnson
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Russian University to Issue Blockchain-powered Degree Certificates

A leading Russian university is set to store its student’s degrees certificates on a blockchain-powered platform.



The Financial University, based in Moscow, claims its move is a world-first, although the Massachusetts Institute of Technology has previously issued blockchain technology-authenticated degree certificates as part of a pilot scheme, and similar platforms have been vaunted at Melbourne and Glasgow universities. The Financial University claims its solution is different, however, as “no other university publicly displays degree certificates while also encrypting data.”

The Financial University, which operates a blockchain laboratory, states that the idea originated with its own international finance facility students, and will use the SHA-256 algorithm to create unique identifiers for each diploma.

The diplomas will be signed by university officials and encrypted, meaning they cannot be tampered with in any way by third parties, claims the blockchain laboratory’s head Andrei Varnavsky on the university’s website.

The university states that its new platform will be operational “as early as September,” and will allow potential employers to verify the authenticity of the applicants’ qualifications on its website. The university also says it will retrospectively create blockchain technology-authenticated records for all students who have completed its courses in the past 10 years.
Meanwhile, also in Russia, Tomsk State University has also been working on a blockchain-powered database and registry. TSU’s solution will store a range of information about students, including the results of end-of-term exams and data about contests students have participated in – also letting potential employers check the veracity of jobseekers’ applications.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Tim Alper
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Two of Russia’s Largest Banks to Offer Crypto Trading in Six Top Coins

Two of Russia’s largest banks, Alfa Bank and Sberbank, will soon be offering clients access to cryptocurrency portfolios that will permit the trading of six popular coins on major exchanges Kraken and Bitstamp.


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Crypto Trading Portfolio

Alfa Bank is the largest private bank in Russia, while Sberbank is state-owned and is responsible for processing government employee pay checks.

According to reports from Russian news outlet Kommersant, the two banks plan to enter crypto trading by seeking help from Group IB and AddCapital investment fund, which will be in charge of providing technical solutions for the project. Also aiding in the development is the National Settlement Depository (part of the Moscow Exchange Group), which will be the portfolio’s custodian. 

Anton Rakhmanov, manager of Alfa Bank’s private banking branch said that he hopes the move will ‘speed-up the recognition of the digital assets as legitimate financial assets as soon as possible.’

The portfolio will include the six most popular cryptocurrencies. As per CoinMarketCap, these are Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Litecoin. When operational, the portfolio will be altered at least four times in a given year when a trading algorithm will alter the combination of coins offered as necessary.

Alexey Prokofyev, CEO of AddCapital, provided further details:

“The investment process will see investors purchase a share of the fund as the shares are liquid and a client can send them for fiat currencies any time.”

Ana Ivanchuk, Deputy Chairman of Private Banking at Sberbank, was quoted as saying:

“We’d like to offer our clients an absolutely transparent way to invest in digital assets with a full compliance with regulations that will let them invest in the product they are interested in Russia.”

Russian Crypto Regulation

Late last week, also according to Kommersant, Russia’s head of the State Duma Financial Market Committee, Anatoly Aksakov, noted there would soon be some significant changes made to a set of draft laws intended to regulate cryptocurrency in the country.

“Three draft laws are currently being prepared for consideration in the State Duma: ‘On Digital Financial Assets’ (CFA), ‘On Crowd Funding’ (in terms of issue and circulation of tokens), as well as a package of amendments to the Civil Code of the Russian Federation,” Aksakov said.

The changes will mean that usual terms like ‘digital currency’ and ‘digital money’ will be replaced with the term ‘digital rights’ in any legal documents that deal with cryptocurrency regulations.

Additionally, Aksakov clarified that these “digital rights” will not be considered property, as they were previously defined by the Russian Ministry of Justice. It is also possible that “investment platform” and “token exchange operator” will be fused under a single term.

According to the report, the revised bills are expected to be adopted before the first of July. If the laws are adopted, Aksakov said Russia ‘will need to change something in the Tax Code to describe how digital rights will be taken into account for tax purposes.’


Here at Dollar Destruction, we endeavor to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!
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Author: THOMAS DELAHUNTY
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