Bitcoin Mining Could Dent Russian Sanctions

Rich in energy, but starved of foreign currency, Russia may use Bitcoin mining to dent the impact of ever tougher sanctions as the war in Ukraine drags on, according to one analyst. “It wouldn’t be a stretch for the Russian government or certain sanctioned entities to look to mining as a way to get access to Bitcoin,” said David Carlisle, director of Policy and Regulatory Affairs at blockchain analytics firm Elliptic. “They could be translated to goods and services or just hard cash.” Countries such as Iran might have already leveraged mining of crypto currencies, which is highly energy intensive, to convert its sanctioned energy into Bitcoin and hard currency for the government.  About 4.5% of Bitcoin mining took place in Iran in the last year, potentially generating $1 billion for the government, Carlisle said. At the same time, Russia and Belarus have been two of the most welcoming countries after China issued a blanket ban on crypto mining last May. China was the largest Bitcoin mining hub in the world and some Chinese miners have migrated to central Asia and eastern Europe, including Russia.  Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Subscribe to our newest channel Quicktake Explained: https://bit.ly/3iERrup Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube:    / bloomberg   Breaking News on YouTube:    / bloombergqu.  . Twitter:   / quicktake   Facebook:   / quicktake   Instagram:   / quicktake