‘Bitcoin a matter of national security’ – Mara’s CEO after Russia mined $3B
The post ‘Bitcoin a matter of national security’ – Mara’s CEO after Russia mined $3B appeared on BitcoinEthereumNews.com.
Russia made $555 million in taxes from $3B BTC mined last year in the wake of Western sanctions This remarkable feat tipped Mara’s Thiel to call Bitcoin and mining a “national security” matter Fred Thiel, CEO of Bitcoin miner Mara, is in the news today after he claimed that mining and BTC strategic reserves are national security interests. He made the remarks after it was revealed that Russia mined $3 billion BTC last year amid Western sanctions. “Just shows that #bitcoin is a matter of national security, both bitcoin mining and strategic reserve. Russia mined over $3 billion in Bitcoin last year amid sanctions.” U.S vs Russia in the crypto space According to Russian outlet Izvestia, the aforementioned information was revealed by Sergey Bezdelov, Director of Russia’s Industrial Mining Association, during a mining session on Wednesday. He also noted that the government earned $555 million in taxes from BTC mining taxes in 2023. He said, “In 2023, 54K Bitcoins were mined in Russia. According to our estimates, the annual increase in taxes is 50 billion rubles. Now there is a law on the correct “gentle” regulation. 50 billion – with today’s scenario conditions. And new investors will come.” Although this figure is less than 1% of Russia’s $2.27 trillion GDP (Gross Domestic Product), it points to a remarkable tax revenue source. Especially given the country’s economic woes following Western sanctions. To its credit, despite its regulatory challenges, the United States has seen some progress following the approval of Spot ETFs (exchange-traded funds) for Bitcoin and Ethereum [ETH]. In July, Donald Trump pledged to establish a national strategic reserve for BTC if elected President. The former President also reaffirmed his commitment to making the U.S the world capital for BTC and crypto. On the contrary, Russia recently passed crypto mining laws…
Filed under: News - @ September 7, 2024 9:03 pm