Russian BTC (Bitcoin) miners are reportedly doing their operations normally despite the authorities’ invasion of Ukraine. As per the assessments made by the Cambridge Bitcoin Electricity Consumption Index, the Russian miners were responsible for nearly 11.2% of the BTC hash rate across the globe till 2021’s August. It is up till now ambiguous how the Bitcoin sector, as well as the wide market of cryptocurrency, will be affected on the behalf of the NATO and United States sanctions over the Russian authorities.
Though a few of the crypto mining companies like Flexpool (which is centered around Ethereum) have terminated their services across Russia as a reply to the invasion of the country, Compass Mining (a Bitcoin mining firm) assured its consumers across Russia that the mining infrastructure thereof will keep on operating normally in the area. Whit Gibbs (the CEO of Compass Mining), in some Twitter posts, voiced his feelings regarding the matter as well as prayers to the entirety of the influenced people during the conflict.
On Thursday, the administration under the presidency of Joe Biden claimed to impose extensive financial sanctions along with strictest export controls over the prominent financial organizations of Russia, the authorities of the country, the technology sector thereof, as well as the elite officials.
It is significant to be noted that the extensive restrictions would seemingly not expand to SWIFT (an international network of payments or crypto transfer). Several spectators have debated that the present time may be suitable for the crypto sector of Russia to flourish as shortly it could turn into a significant instrument to overthrow several sanctions.
Today, a newsletter referred to Anthony Pompliano (a Bitcoin bull as well as the co-founder of Creek digital) stating that the government of Russia could utilize the opportunity of the current moment to quit being dependent on the USD-based reserve system and shift to the decentralized currency which has a worldwide appeal.
In his words, the present situation leads towards Bitcoin. He added that the respective opportunity makes the superpowers realize the potential of the primary crypto token to become the fundamental asset during the coming decades.
Matthew Sigel (the virtual assets research head at VanEck) reiterated similar thoughts while talking to Bloomberg, expressing that Russia will be enabled by Bitcoin to minimize the likely harm posed by the financial system controlled by the western side. He moved on to state that none of the activists of human rights or dictators will be able to halt the BTC network.