• Russia’s total capacity of crypto mining facilities has increased in the past year despite the market downturn and sanctions.
• Factors such as depressed prices of mining equipment and stronger interest from domestic customers have been identified as major causes for this trend.
• The expansion of Russian crypto mining farms could potentially be limited by electricity tariffs, taxes, and uncertain legislative prospects.

Russia Expands Crypto Mining Capacity

The total capacity of crypto mining facilities in Russia has been increasing in the past year, despite the market downturn and sanctions, according to a survey of leading operators. Depressed prices of mining equipment and stronger interest from domestic customers have been identified as major factors for the trend.

Total Capacity Reaches 500 MW

At the end 2022, results from a poll among established industry players published by the business daily Kommersant revealed that the capacity of Russian mining farms had exceeded 500 megawatts (MW). Despite this growth, it is expected that expansion could potentially be limited by electricity tariffs and taxes for miners.

Advantages for Mining in Russia

With abundant energy resources and cool climate, the Russian Federation has certain advantages as a mining destination. However, ongoing sanctions have affected the industry by limiting its ability to use cryptocurrencies to circumvent financial restrictions. This has resulted in different effects on businesses operating within Russia’s crypto industry – some companies have doubled their number of data centers while others have reduced their capacity due to reluctance from new international clients.

Uncertain Legislative Prospects

The profitability of crypto mining businesses may decrease if special electricity tariffs or taxes are imposed on coin minting enterprises – something which is yet to be decided upon in terms of legislation. A bill designed to regulate mining in Russia was submitted to parliament November but is yet to be adopted.

Conclusion

In conclusion, although Russia’s total capacity for crypto mines continues to grow despite market downturns and sanctions, there are still various issues that need to be addressed before it can reach its full potential – including taxation rates and legislative decisions related to cryptocurrency regulation.

• FTX Trading Ltd. and the bankruptcy case’s official creditors committee have filed a motion to subpoena FTX co-founder Sam Bankman-Fried, his brother Gabriel Bankman-Fried, his parents Joseph Bankman and Barbara Fried, as well as some of his top deputies.
• The motion claims that specific insiders associated with Bankman-Fried’s dealings could provide much-needed insight into financial matters.
• The current FTX CEO, John J. Ray III, stated that Joseph Bankman and his family had received payments from the firm.

FTX Trading Ltd. and the bankruptcy case’s official creditors committee recently filed a motion to subpoena FTX co-founder Sam Bankman-Fried, his brother Gabriel Bankman-Fried, his parents Joseph Bankman and Barbara Fried, as well as some of his top deputies. The motion seeks to question these individuals in order to gain insight into the financial matters of the company.

The list of individuals includes some of Bankman-Fried’s top deputies, such as FTX co-founder Gary Wang, ex-Alameda Research CEO Caroline Ellison, the former chief operating officer Constance Wang, and the exchange’s former director of engineering Nishad Singh. The lawyers contend that these associates could provide important information about the company’s financial status.

In addition, the current FTX CEO, John J. Ray III, told Congress that Joseph Bankman and „the family certainly received payments“ from FTX. Bankman and Barbara Fried have not been charged with any wrongdoing, but the documents allege that Fried’s political activities were associated with the firm.

The joint motion details that a subpoena is necessary in order to gain access to the missing information. „Certain insiders are currently cooperating with the debtors to provide important information. But others are not, and thus authorization to issue subpoenas to those with the missing information is critical to the debtors‘ and committee’s recovery efforts,“ the document states.

This request by FTX and the creditors committee comes after a political action committee called Mind the Gap had previously called for an investigation into Bankman-Fried and his family’s financial activities. The FTX bankruptcy case is ongoing, and it remains to be seen whether or not the lawyers will be granted permission to question the individuals associated with Bankman-Fried.

• Bitcoin raced to a fresh multi-week high on Wednesday, ahead of Thursday’s US inflation rate report.
• Ethereum also rose marginally higher in the day.
• Bitcoin and Ethereum need to break out of key resistance levels to move closer to their respective ceilings.

The cryptocurrency market saw a surge of activity on Wednesday as Bitcoin (BTC) and Ethereum (ETH) both saw significant gains. Bitcoin raced to a fresh three-week high, with prices hitting $17,493.32 earlier in the day. This surge came as markets turned their attention to tomorrow’s US inflation rate report, which is expected to show that consumer prices have fallen to 6.5%, down from 7.1% the month prior.

Ethereum also saw a small increase, with prices hovering around the $1,350 resistance point. ETH/USD hit a high of $1,342.76 earlier in the day, less than 24 hours after trading at a low of $1,324.97. Despite the slight uptick, Ethereum remains below the $1,350 resistance point, with many expecting prices to move after the release of US inflation figures tomorrow.

Looking at the technical analysis, Bitcoin’s price surge came as the 14-day relative strength index (RSI) broke out of a resistance point at the 60.00 mark. Currently, the index is tracking at 63.80. This comes as BTC continues to hover around its own ceiling at the $17,400 mark. In order to move closer to the $18,000 zone, the RSI will first need to move beyond a ceiling of 64.00 on the RSI.

For Ethereum, the consolidation below the $1,350 price ceiling comes as the RSI continues to trade under a hurdle of its own. Price strength is now tracking at the 68.73 level, which is under a point of resistance at the 70.00 mark. ETH bulls are now waiting to see if the RSI can break out of this resistance point.

Overall, the cryptocurrency market is now eagerly awaiting Thursday’s US inflation report, which is expected to provide some clarity on the future of Bitcoin and Ethereum prices. If the report shows a decrease in consumer prices, it’s likely that both BTC and ETH will see further gains. However, if inflation rises, it’s likely that both currencies will see a drop in prices.

• OVER Map2Earn Beta program is now available, offering revolutionary 3D mapping with 20 cm accuracy outdoors and indoors.
• It is a decentralized infrastructure for the AR metaverse, allowing immersive experiences to be increasingly perfect.
• Map2Earn users can become owners of NFT by generating three main assets while they are capturing footage for each OVRLand.

OVER has recently launched an exciting new project: the Map2Earn Beta program. Map2Earn is a revolutionary 3D mapping technology that offers accuracy of 20 cm for both outdoors and indoors, compared to GPS which only offers accuracy of 6 meters outdoors. This innovation is set to solve the geo-location problem in Augmented Reality (AR).

Map2Earn is part of OVER’s decentralized infrastructure for the AR metaverse, and its goal is to offer the ideal system for mapping and creating geo-localized experiences integrated into the real world. This includes the placement of digital artworks on specific anchor points on walls and the overlaying of AR experiences on existing buildings. It also offers the geo-localization of assets within a building by recognizing different floors.

What’s more, OVER has designed Map2Earn to be as open and accessible as possible. All it takes to access the metaverse is a smartphone. And with Map2Earn, users can become owners of non-fungible tokens (NFTs) by generating three main assets while they are capturing footage for each OVRLand. These assets are a 3D point cloud of the location which provides the creator with an accurate visual reference of the actual 3D structure of the location; relocation algorithms with an accuracy of 20 cm; and 3D models of the location, which allow for more realistic and immersive experiences.

OVER’s Map2Earn Beta program is set to revolutionize the AR metaverse, allowing for more accurate and immersive experiences. It is an exciting opportunity for users to become owners of NFTs and to explore an ever-growing AR world.

• Three Gemini Earn users have filed a demand for class arbitration against Genesis Global Capital, its parent the Digital Currency Group, and Genesis Global Trading.
• The claimants allege that GGC breached the terms of the Master Agreement by becoming insolvent in the summer of 2022 but concealing it from lenders and orchestrating a sham transaction in which DCG acquired the right to collect a $2.3 billion debt for a promissory note of $1.1 billion due in 2033.
• The claimants also assert that all transactions constituted unregistered sales of securities and must be rescinded.

Three Gemini Earn users recently filed a demand for class arbitration against Genesis Global Capital (GGC), its parent the Digital Currency Group (DCG), and Genesis Global Trading, alleging breach of contract and unregistered sales of securities. The case was filed with the American Arbitration Association (AAA) and is being represented by Silver Golub & Teitell.

According to the claimants, GGC’s breach of contract began when it became insolvent in the summer of 2022 but concealed its insolvency from lenders. The claimants allege that GGC was able to do this by orchestrating a sham transaction in which DCG acquired the right to collect a $2.3 billion debt owed to GGC by insolvent hedge fund Three Arrows Capital for a promissory note of $1.1 billion due in 2033.

The claimants assert that GGC’s refusal to acknowledge or fix the insolvency amounted to a breach of contract and triggered GGC’s obligation to return claimants’ digital assets. In addition, the claimants allege that all of the transactions constituted unregistered sales of securities and must be rescinded.

The law firm representing the claimants said that GGC’s actions were “unlawful and unfair,” and that the claimants are seeking “full rescission of their transactions, all damages suffered as a result of their transactions, and punitive damages.”

The case will be heard by the AAA’s Financial Industry Regulatory Authority (FINRA), a private corporation that serves as a self-regulatory body for the securities industry. The case is expected to have significant implications for the digital currency industry, as it could potentially set a precedent regarding the legal and regulatory status of digital currency transactions.

The claimants are seeking a resolution that will provide “full rescission of their transactions, all damages suffered as a result of their transactions, and punitive damages,” according to the law firm. The outcome of the case could have significant implications for the digital currency industry, as it could potentially set a precedent regarding the legal and regulatory status of digital currency transactions.

It remains to be seen how the case will unfold and what the final outcome will be, but it is clear that the claimants are seeking to send a strong message that any breach of contract or unregistered sale of securities must not be tolerated. The stakes are high for both sides, and the outcomes of the case could have far-reaching implications for the industry.