Russia has seen a notable increase in Bitcoin mining in 2023, mining 54.000 BTC from the blockchain, worth an estimated $3.000 billion today. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
54.000 BTC, $550 million in tax revenue
📍Recent statements by Sergey Bezdelov, president of the Russian Association of Industrial Cryptocurrency Mining, highlighted the importance of Bitcoin mining in the country. During the Eastern Economic Forum’s Industrial Mining conference, Bezdelov spoke about the tax revenue generated last year through Bitcoin mining. He highlighted that the country mined 54.000 BTC from the blockchain network, valued at nearly $3.000 billion, which yielded $556 million in tax revenue for the nation.
As reported by this outlet, Russia legalized Bitcoin mining last month, taking an industrial approach that allows only registered legal entities and individual entrepreneurs to mine the cryptocurrency. All of this under certain rules, such as complying with the government-set energy consumption limit and trading the mined blockchain assets through regulated platforms.
Bitcoin mining in Russia has been driven by several factors, including low energy costs and the availability of adequate infrastructure. This has positioned the nation as an attractive hub for cryptocurrency miners.
In addition, Bezdelov he highlighted During his participation in the conference, he said that Bitcoin mining could continue to bring economic benefits to the nation, encouraging the creation of jobs in the technological and energy sectors, and boosting foreign capital investment. The president of the crypto mining association believes that as Bitcoin mining activity expands, new investment and development opportunities are generated in various areas, from technology to infrastructure.
DeRec Alliance welcomes its new members
📍Input Output Global (IOG), the company behind the development of the Cardano network, and Hedera have joined the DeRec Alliance. The alliance recently welcomed Input Output Global and Hedera as its newest founding members, joining Ripple, Algorand, Hashgraph, and XRPL on a mission to create a new interoperable recovery standard that simplifies the recovery and adoption of cryptocurrencies and other assets in the blockchain space.
DeRec Alliance announced that IOG and Hedera have joined the organization’s Technical Oversight Committee, serving two-year terms on the committee. During this period, IOG and Hedera will be tasked with working on developing the alliance’s core governance and policies to optimize and generalize the Web3 ecosystem.
In addition to IOG and Hedera, DeRec Alliance also welcomed the DLT Science Foundation, Hashpack, Oasis Protocol Foundation, and Palisade as key members to bring together the Web3 ecosystem to make the user experience within the blockchain digital environment as easy and intuitive as Web2, but without sacrificing security and decentralization.
Tezos partners with Xalts to accelerate tokenization
📍Tezos has announced a strategic partnership with blockchain infrastructure platform for financial services Xalts. Backed by Citi, this platform has become a key tool for financial companies looking to digitize and make their assets smarter and more programmable. Now, thanks to its partnership with Tezos, the platform will be able to accelerate the development of tokenized assets and drive the creation of blockchain applications optimized for RWA assets.
Through X, Tezos developers highlighted that, in partnership with Xalts, they will focus on accelerating the adoption of blockchain technology and asset tokenization, reducing the time and cost in the development and implementation of blockchain applications. To do so, they stressed that developers will be able to make use of Xalts' RWA cloud, which allows for great speed and security, and a very low cost in the creation of applications for programmable assets on the blockchain.
Bernstein believes Bitcoin could break new highs later this year
📍The firm stressed that the price of Bitcoin, the market-leading cryptocurrency, could reach a new all-time high by the end of 2024. Bernstein is being quite bullish on the price of Bitcoin, basing his predictions on the results of the upcoming US presidential election, which is set to take place in November.
According to the firm's analysts, the price of Bitcoin could experience a significant bullish push if Donald Trump, who has promised to transform the country's cryptocurrency regulatory policy, emerges victorious.
Bernstein estimates point to a new all-time high of $90.000 per BTC if Trump wins the election. However, the firm also foresees a bearish scenario if Kamala Harris is elected president. In this possible scenario, Bernstein believes that the bitcoin price could fall to $30.000 per BTC.
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