Mining

Quadrans: What is it?

Russian oil company Gazpromneft announced that it will use its massive oil resources to mine cryptocurrencies. This comes after US sanctions on Russian oil have led to a significant drop in profits for many oil companies. Gazpromneft, a subsidiary of Russian oil giant Gazprom, hopes to use cryptocurrency mining to boost its profits.

Due to the exponential rise of the bitcoin difficulty factor, frustrated bitcoin miners are storming the Ethereum network. According to the Cryptocurrency Mining Index, a large number of miners are shifting their hashing power to the Ethereum blockchain. According to blockchain.com, the current bitcoin difficulty factor is 29.8 trillion.

The Bank of Russia is continuing to test the Digital Ruble payment system and plans to involve more banks into the program in 2023.

Leading U.S. lawmakers and members of a select community concerned with water, ocean and wildlife want the environmental impact of cryptocurrency mining assessed. A total of 23 members of Congress signed the letter to Environmental Protection Agency Administrator (EPA) Micheal Reagan.

The token sale session for RolazGold is coming soon to the P2PB2B exchange. When buying rGLD, users will get a 30% bonus additionally.

Regardless of the transformation cryptocurrency has introduced in the payment and  transaction industry, digital assets are still facing resistance in some countries. A good number of governments have shown concerns of cryptocurrency threatening their traditional fiat currency,  finance and economy.

The numerous sanctions imposed on Russia as a result of the invasion of Ukraine have caused further trade losses for the country.

The issue of legalizing the mining of cryptocurrencies in Russia is not new. However, now the country's Energy Ministry is emphasizing the need to create a proper framework so that the economy can benefit from it.