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Russian Senate Green-lights Crypto Mining Law – But Is There a Twist for BTC Miners?

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The Russian Senate has approved a draft law on crypto mining, marking a significant development for the industry pending the signature of President Vladimir Putin.

Key Provisions of the Mining Law
Legal Entities and Sole Proprietors:

Both industrial mining firms and individual miners can mine crypto, provided they register on a national list.
Energy Consumption Limits: Home-based miners can mine tokens if they stay within government-set energy consumption limits.

Regional Bans: The government can impose bans on mining in regions with energy deficiencies.

Effective Date: The law is expected to take effect on September 1, 2024.

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Historical Context

Russian miners have long sought legal clarity and regulation for their industry, facing a political stalemate and legal uncertainty. Recent lobbying and power shortages in certain mining areas have expedited the legislative process.

Reactions from the Mining Community

Positive Responses: Some miners view the law as a breakthrough, providing a regulatory framework that could streamline operations and reduce legal risks.

Concerns and Criticism: Others express concern over the requirements to register and report all earnings and wallet addresses. There are worries about how this data will be handled and the potential for prohibitive energy price hikes.

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Compliance and Restrictions
Registry and Reporting: Miners must register and report their activities to the tax authorities and provide details of their crypto wallets.

Sales Restrictions: Miners and mining pools must sell coins without using Russian infrastructure, likely forcing sales through international exchanges. This could lead to sanctions from Western governments on platforms dealing with Russian miners.
Potential National Exchange Infrastructure
Despite current restrictions, Russian media suggests a national exchange infrastructure might be developed in the future to facilitate domestic trading.

Industry Concerns
Data Handling: Uncertainty about how mining data will be processed and used by authorities.
Energy Costs: Concerns about potential energy price hikes affecting the profitability and attractiveness of mining in Russia.

Regulatory Impact: Experts argue that regulatory measures should first stabilize the industry before considering tariff increases. Pressure on large miners might reduce Russia’s appeal in the global crypto market.

The approval of the crypto mining law by the Russian Senate represents a significant regulatory milestone. While it brings some relief and structure to the industry, it also raises concerns about data privacy, energy costs, and compliance with international sanctions. The impact of these regulations will depend on their implementation and the responses from both the mining community and international actors.

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Source: cryptonews.com

The post Russian Senate Green-lights Crypto Mining Law – But Is There a Twist for BTC Miners? appeared first on HIPTHER Alerts.

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Blockchain

Everdome and Alpine Web3 Redefine Fan Engagement with Bold Metaverse Vision

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Alpine Web3 and Everdome are joining forces to push the boundaries of fan engagement through immersive digital experiences. Building on Alpine’s storied motorsport legacy, this partnership will bring fans closer to the action with metaverse pop-up spaces and interactive events.

As Alpine Web3 shifts its focus beyond motorsport, this collaboration aims to redefine sports marketing by merging the physical and digital worlds, offering fans a dynamic and innovative way to connect with their favorite teams and events.

Alpine is a brand with a long and successful history, founded in 1955 by Jean Rédélé and quickly building success across multiple motorsports disciplines. With titles across multiple motor racing disciplines such as the World Rally Championship, 24 Hours of Le Mans, success in F1® racing and the FIA WEC Endurance World Championship, Alpine has constantly innovated for success.

Now Alpine seeks to expand their innovation beyond motorsport, looking for ways to engage new audiences with experiential sports marketing as the real and digital worlds converge.

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This two-way partnership will see Everdome work on a variety of experiential Alpine focussed destinations, kicking off with a series of metaverse pop-up spaces for Alpine Web3, released to coincide with the major sporting events across their race calendar, from Formula One® and beyond.

Everdome will also create interactive events with Alpine Web3 and their partners, allowing global audiences to take one step closer to the action as we explore the future of sports fan engagement together.

Last year, Everdome and Alpine first collaborated with an exclusive metaverse AMA with their F1® driver Pierre Gasly and Binance Fan Token, creating an interactive event where the audience could join with their avatar-likenesses inside a unique environment, bringing them closer to their racing heroes inside a digital world.

“Experiential marketing is on the rise as audiences react positively to immersive, interactive experiences which bring a feeling of deeper involvement with their sporting teams and heroes.’’ said Artur Kaczmarczyk, Chief Growth Officer for Everdome. “This new partnership will explore a future of sports fan engagement, creating a series of activations across the motorsports racing calendar to let global Alpine fans feel closer to the team, drivers and brand.’’

Beginning with metaverse spaces highlighting images and videos from Alpine inside fully interactive, avatar-led digital environments, Everdome will go on to create a dedicated and permanent metaverse footprint for Alpine Racing inside their digital headquarters, showcasing their glorious history, exciting present and promising future.

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“This collaboration with Everdome underlines our commitment to constant innovation through leveraging the latest technology”, said Guillaume Vergnas, Head of Merchandising, Licensing, Esports & Web3 at Alpine. ‘’Motorsport has always been about passion, spectacle and interaction, and with Everdome we seek to allow audiences a taste of the spectacle in a novel digital world.’’

Everdome will introduce their large community of web3 followers and metaverse pioneers to Alpine’s exciting web3 ecosystem, paving the way for some exciting cross-project collaborations, activations and more across 2024 and beyond.

The post Everdome and Alpine Web3 Redefine Fan Engagement with Bold Metaverse Vision appeared first on HIPTHER Alerts.

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Blockchain Technology Market Size to Achieve USD 1,879.30 Billion by 2034

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Blockchain

Blockchain Technology in BFSI Market Is Expected To Reach a Revenue Of USD 258.2 Bn By 2033, at 46.0% CAGR: Dimension Market Research

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