Fun

Russian Crypto Mining Giant Bitriver Considers Challenging US Sanctions

News Feed - 2022-05-12 05:05:44

Russian Crypto Mining Giant Bitriver Considers Challenging US Sanctions


Russia’s Bitriver, one of the largest operators of crypto mining data centers, may take legal action against the U.S. over the decision to place it under sanctions. The company insists it does not help the Russian government to circumvent international restrictions. Bitriver Rejects US Accusations as Unfounded, Sees No Legal Ground for Sanctions


Leading Russian mining enterprise Bitriver is considering filing a lawsuit against the U.S. Treasury Department, which recently designated the Swiss-registered company and a number of affiliated entities in a new round of sanctions against Russian businesses and individuals. Russia’s coin minting potential was specifically targeted with the new penalties imposed over the war in Ukraine.


In comments to the RIA Novosti news agency, Bitriver stated that the actions of the department are damaging its reputation and international business since the accusations are unfounded. The company is also convinced there are no legal grounds for the restrictions and intends to demand that American authorities remove it from the blacklist. It also emphasized: Bitriver is not a government agency, but a 100% private company that in no way helps the Russian Federation to circumvent sanctions.


The Russian group also accuses the Treasury of unfair competition practices and lobbying for the U.S. mining industry, thus violating the rules of the World Trade Organization. Bitriver CEO Igor Runets describes the department’s move as “an attempt to change the global balance of power in favor of U.S. companies and remove the largest Russian player from the market.”


Bitriver claims that despite the restrictions, all its production facilities and offices in the Russian Federation are operating normally. The company also continues to provide services to its international clients who, it says, have confirmed their intentions to further cooperate with the Russian bitcoin mining operator.


Western allies have introduced several sanctions packages against Russia that have limited its access to global finances and foreign reserves. Concerns have been raised that the Russian government and citizens may use cryptocurrencies to evade the restrictions. Officials in Moscow have highlighted Russia’s competitive advantages for mining in terms of cheap energy resources and cool climate. A draft law tailored to regulate the sector was submitted to the parliament in April. Tags in this story Bitriver, Company, conflict, Crypto, crypto mining, Cryptocurrencies, Cryptocurrency, Group, Lawsuit, legal action, mining, mining operator, restrictions, Russia, russian, Sanctions, U.S. Treasury, Ukraine, War


Do you think Bitriver can successfully challenge U.S. sanctions against it? Share your thoughts on the subject in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Nicehash Software "Fully Unlocks" Nvidia’s Hashrate Reducing Technology MINING | 4 days ago Russia’s Anti-Monopoly Agency Proposes Higher Electricity Rates for Home Crypto Miners MINING | 5 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMasterminds Behind South African Bitcoin Ponzi Scheme Told to Pay Back Over $291 Million Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Spellfire: NFT That You Can Actually Touch
Spellfire: NFT That You Can Actually Touch sponsored In recent months NFT or as it coded, non-fungible tokens became a hot topic that everyone is talking about. NFT is a valuable mo
Why financial infrastructure needs to be open-source — Hyperledger
Gareth Jenkinson14 hours agoWhy financial infrastructure needs to be open-source — HyperledgerGovernments and major financial institutions are actively building open-source blockchain solutions on the Linux Foundation
Bitcoin to attract $1T from institutions amid ‘raging bull market’ — Bitwise exec
Ezra Reguerra1 hour agoBitcoin to attract $1T from institutions amid ‘raging bull market’ — Bitwise execBitwise’s Matthew Hougan said the best advice he could give traders is to “keep calm and take the long vie
Solana Key Indicator Flashes Buy Signal On Daily Chart – Rally Ahead?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Goldman Sees 26% Downside to Apple Over Nutty Accounting Conspiracy Theory
A Goldman Sachs analyst called for a 25% decline in Apple"s stock because of some wonky accounting related to Apple+. | Credit: AFPGoldman Sachs generally has the best analysts in a
Market Analyst Heralds the Collapse of ‘Everything,’ Calls for Hedging in Gold and Silver Before There Isn’t Any Left
Market Analyst Heralds the Collapse of "Everything," Calls for Hedging in Gold and Silver Before There Isn"t Any Left Egon von Greyerz, market analyst and founder of Matterhorn Ass
Japan’s Largest IT Service Provider Fujitsu Files Trademark Covering Crypto Trading Services
Japan"s Largest IT Service Provider Fujitsu Files Trademark Covering Crypto Trading Services Japanese tech giant Fujitsu has filed a trademark application with the U.S. Patent and
Bitcoin to Peak at $115,000 by August Next Year, Says Pantera Capital CEO
Bitcoin to Peak at $115,000 by August Next Year, Says Pantera Capital CEOPantera Capital chief executive officer Dan Morehead has predicted a 50% chance the price of bitcoin (BTC) w
Cardingo – a Curated Designer NFT Marketplace and Series for Cardano
Cardingo - a Curated Designer NFT Marketplace and Series for Cardano press release PRESS RELEASE. Sydney, Australia – Cardingo is an NFT series and Cardano NFT marketplace th
Crypto execs on DeFi domain hacks: Don’t interact with crypto for now
Ezra Reguerra46 minutes agoCrypto execs on DeFi domain hacks: Don’t interact with crypto for nowCoinGecko founder Bobby Ong explained that after Google sold its domain business to Squarespace, two-factor authentication
Google updates Gemini AI, apologizes for ‘woke’ inaccurate imagery
Savannah Fortis11 hours agoGoogle updates Gemini AI, apologizes for ‘woke’ inaccurate imageryGoogle updates Gemini AI amid controversy over inaccurate imagery, introducing features while addressing concerns over bias
RBI Deputy Governor: Banning Crypto Is ‘Most Advisable’ for India, Regulation Is ‘Futile’
RBI Deputy Governor: Banning Crypto Is "Most Advisable" for India, Regulation Is "Futile" A deputy governor of India’s central bank, the Reserve Bank of India (RBI), likens