Treasure department sanctions russian bitcoin minershome.treasury.gov/news/press-releases/jy0731
42 sats \ 10 comments \ @2big2fail 20 Apr 2022 bitcoin
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10 sats \ 0 replies \ @itsrealfake 20 Apr 2022
SANCTIONS IMPLICATIONS As a result of today’s action, all property and interests in property of the persons above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked. All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific license issued by OFAC, or exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person.
... thoughts:
  • i'm sure "blocked" is some term of art, but i don't really grok it.
  • "50 percent or more" - this seems like an easy enough dodge.
  • how do you get "exempt"? is this just the oil stuff, or is the Church included there?
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0 sats \ 1 reply \ @BTCMiner 20 Apr 2022
BitRiver #bitcoin miners rekt. Hope none of y'all host there. If you're letting someone else hold your ASICs you better be damned sure that the politiks can't take 'em... #StateVsBitcoin
https://twitter.com/SGBarbour/status/1516842333496504322
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0 sats \ 0 replies \ @BTCMiner 21 Apr 2022
Here's a post on SN about another organization impacted:
Compass Mining Shuts Down Russian Facility Due to Sanctions #21758 https://twitter.com/nobsbitcoin/status/1517182641367400448
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5 sats \ 1 reply \ @2big2fail OP 20 Apr 2022
summary article https://www.cnbc.com/2022/04/20/us-treasury-sanctions-russian-bitcoin-miners.html
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0 sats \ 0 replies \ @BTCMiner 20 Apr 2022
The United States views income from the crypto mining industry as a potential threat to the efficacy of its sanctions regime, with the Treasury saying that it is committed to ensuring that no asset becomes a mechanism for the Putin regime to offset the impact of sanctions.
Among the companies targeted by U.S. sanctions is BitRiver, which was founded in 2017.
The Office of Foreign Assets Control has singled out 10 Russia-based subsidiaries of BitRiver.
The IMF warns that this kind of monetization of energy resources via crypto mining happens “directly on blockchains and outside the financial system where the sanctions are implemented”.
The organization estimates that the monthly average of all bitcoin mining revenues last year was about $1.4 billion, of which Russian miners could have captured close to 11%.
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1 sat \ 0 replies \ @freetx 20 Apr 2022
The US gov is mentally ill.
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0 sats \ 0 replies \ @Majjin 21 Apr 2022
All this does is make the miners hop on Bisq and other decentralized/p2p exchanges and sell their coins there.
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0 sats \ 1 reply \ @cryptocoin 20 Apr 2022
Another article on this topic:
In January, Vladimir Putin stated that Russia has distinct advantages when it comes to bitcoin mining as it relates to the energy surplus and climate conditions provided to them. The U.S Treasury agrees with the Russian president, stating “Russia has a comparative advantage in crypto mining due to energy resources and a cold climate.”
U.S Treasury Sanctions Russian Bitcoin Miners https://bitcoinmagazine.com/markets/us-treasury-sanctions-russian-bitcoin-miners
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10 sats \ 0 replies \ @BTCMiner 22 Apr 2022
Coindesk provides a response by BitRiver:
The firm and 10 of its subsidiaries were added to OFAC's list of designated nationals subject to sanctions. https://www.coindesk.com/policy/2022/04/21/bitriver-calls-ofac-sanctions-unfair-anti-competitive-move-to-benefit-us-miners/
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0 sats \ 0 replies \ @BTCMiner 20 Apr 2022
Treasury is also taking action against companies in Russia’s virtual currency mining industry. By operating vast server farms that sell virtual currency mining capacity internationally, these companies help Russia monetize its natural resources.
The United States is committed to ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions.
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