THE MINING POD: The Truth About the Russia Bitcoin Mining Ban
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 7 January 2025
⏱️ 47 minutes
🧾️ Download transcript
Summary
Today, we break down what the Russia bitcoin mining ban actually means with Denis Rusinovich.
Welcome back to The Mining Pod! Today, Denis Rusinovich, a partner at the Cryptocurrency Mining Group, speaks to Colin about the particulars of the Russia bitcoin mining ban. News broke in December that Russia would be banning bitcoin mining in 10 regions, effective January 1, 2025 through March 15, 2031. Only the ban is not an all-out ban like the first wave of reporting would have us all believe. For today’s show, Rusinovich sets the record straight and gives us a rundown of the miners who are actually affected by the ban.
Timestamps:
00:00 Start
03:09 Defining the "ban"
07:42 Legalizing mining
09:07 Identifying miners for regulation
10:22 The scope of Bitcoin mining in Russia
13:16 Subsidizing residential miners
15:50 Effect on global hashrate
17:09 Kazakhstan
22:59 Russia energy crisis?
25:54 Grid balancing
30:40 Oil & gas production areas
32:04 Chechnya
33:16 What regions have the most activity?
36:22 Miners vs hosting
37:42 Taxes
38:47 Where is investment capital coming from?
42:08 Hosted miners
43:17 Future of Russia mining
45:21 Wrap up
Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!
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Transcript
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| 0:45.6 | That's audible.com slash Wondery UK. |
| 0:49.4 | What's going on, y'all? |
| 0:50.6 | Welcome back to the mining pod. |
| 0:52.4 | Today, we've got a special show for you with |
| 0:54.8 | Dennis Rusinovich, the CEO of Cryptocurrency Mining Group, a Bitcoin mining research and advisory firm. |
| 1:02.1 | We're going to be talking about Russia's Bitcoin mining ban that has been making the rounds on the media circuit and clear up some of the misconceptions with this story. |
| 1:10.1 | So for context, a story broke last week on December 23rd. |
| 1:15.8 | We recorded this on December 30th that Russia bans cryptocurrency mining in 10 regions until |
| 1:21.4 | 2031 restricts in three more. |
| 1:24.5 | Now, the actual story here is not that Russia is wholesale banning cryptocurrency mining, |
| 1:31.8 | but it is restricting it in certain regions for certain miners. So the so-called cowboy miners, |
| 1:38.6 | as I like to call them, are retail miners and smaller miners who are tapping into residential power and not reporting their operations to the Russian authorities. |
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