Mati Greenspan, founder and CEO of financial advisory firm Quantum Economics, told Bloomberg, “If two people or organizations want to do business with each other and are not able to do so through banks, So they can do that with bitcoin.” If a wealthy person is concerned that sanctions may result in the closure of his account, he may simply convert his money to bitcoin to avoid this.”
As noted in a report by Cointelegraph, it should also be noted that more than half of the computing power of the Bitcoin network comes mainly from three countries – the US, Kazakhstan and Russia. Because Russia is among the top three countries, crypto industry watchers will be closely monitoring any intercepts in the network.”
Obviously these sanctions will not have much impact on bitcoin mining in Russia, but the sanctions can certainly affect miners who often deal with exchanges and other entities connected to the traditional financial system, such as cashing out BTC. to exchange for.
According to the Cambridge Center for Alternative Finance, Russia was responsible for more than 11% of the global bitcoin hashrate as of July 2021. The hashrate is a method of ascertaining the computing power dedicated to the network. Now if sanctions affect pool providers, Russia’s contribution to hash-power could drop down.<!–
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