Possible consequences for mining due to sanctions

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Ultramining.com

14:14 Oct 12, 2022

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Possible consequences for mining due to sanctions

The introduction of restrictions provokes problems with the accounts of Russians. Some platforms have already introduced new rules, while others operate as before. Experts considered the impact of sanctions on the work of miners in Russia.

Pools

One of the first to impose restrictions was BTC.com. It is now mandatory for users who visit the site to confirm that they are not a resident of Russia.

EMCD indicated on its page that it is not going to limit the work for Russians and introduce new verification rules.

Garantex has the same position. Representatives of the platform indicated that the company's focus belongs on Russian users.

New services

Sanctions pressure forces Russians to leave the sites in Europe and the United States, which work on the verification conditions. Although this is usually not required in the mining pools, the equipment registration implies the entry of an IP. And on this basis, it is possible to calculate the country.

Yevgeniya Burova, a representative of Garantex, noted that connecting via VPN would seriously reduce the efficiency of cryptocurrency mining. The expert believes that users will switch their attention to local and Asian pools. Generally, Burova is confident that the sanctions will not have a large negative impact, but will force miners to move elsewhere.

Ivan Sharov (Hardware.ru) believes that the EU companies will look for their part to find a way to avoid the restrictions. Perhaps by changing jurisdiction or place of registration. It is because miners from Russia occupy a significant share of the pools' profits.

Platforms that continue to work with Russia include:

Determining the country of origin

According to Roman Nekrasov, one of the founders of the ENCRY Foundation, Western companies plan to determine the country of origin of coins to avoid interaction with those associated with Russian mining companies.

The expert also noted that miners remained almost the only way when it is necessary to buy a large number of crypto-assets.

Hardware

The head of Sigmapool, Jahon Khabilov, is sure that the sanctions will not affect the process of supplying mining equipment. It is because the main producer remains Bitmain, and there is a large secondary market. In this case, logistics is much more important.

According to Jahon Khabilov, today all the farms are equipped at a fairly good level. But in the future, there may be difficulties because of the need to update the devices.


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