Exciting Developments in the Cryptocurrency Mining Industry in July 2024
July 2024 brought significant changes to the cryptocurrency mining industry, with legal and corporate developments shaping its landscape. From Russia’s regulatory enforcement to major investments in mining infrastructure, the industry is rapidly evolving.
Russia Establishes Legal Framework for Cryptocurrency Mining
In late July, the Russian State Duma passed a bill regulating cryptocurrency mining and digital asset distribution. The law targets large-scale mining operations, requiring registration with the Mining Infrastructure Operators Register. Home miners are exempt from registration as long as they adhere to energy consumption limits set by the government.
President Vladimir Putin signed the law on August 8, officially recognizing terms like “digital currency mining” and “mining infrastructure operator.” This legal framework categorizes mining as part of the revenue process, clarifying operational guidelines and potentially influencing future regulatory and tax policies.
Australian Bitcoin Miner Iris Energy Expands Mining Capabilities
In July, Australian Bitcoin miner Iris Energy secured $413 million in funding to enhance operational capabilities. The company plans to add 30 EH/s and 510 MW data centers to support its 2024 expansion goals. This funding strengthens Iris Energy’s position and allows for future growth and strategic opportunities, particularly in the United States.
Riot Platforms Acquires Block Mining for Expansion
Riot Platforms made a significant move in July by acquiring Kentucky-based Bitcoin miner Block Mining for $92.5 million. This acquisition is part of Riot’s strategy to diversify and grow its presence in the United States. The deal provides Riot with additional development capacity, with plans to expand further and enter new power markets.
The acquisition is crucial for Riot’s growth target of 100 EH/s and aligns with its expansion plans.
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