1-Rising crypto mining might strain Russia’s electricity supplies
A Kremlin official warns that rapid Bitcoin mining might deplete electricity in 10 years.
As crypto mining expands, a senior Kremlin official warned TASS that Russia may run out of electricity in 5-10 years.
Crypto mining in southern Siberia is straining energy supply, according to presidential administration deputy director Maxim Oreshkin.
Although Bitcoin mining has drained parts of Russia’s grid, Oreshkin stated the nation has no energy consumption issues. Southern Siberia, famed for its inexpensive electricity, has seen huge energy demand as crypto mining has grown.
In early October, sanctioned crypto mining firm BitRiver estimated Russia would surpass the U.S. in Bitcoin mining by 2027. BitRiver CEO Igor Runets claimed the country’s crypto mining growth rate has matched the U.S.’s in recent years, reducing the energy use gap.
Runets said new restrictions are driving oil and gas companies to reconsider their strategies, prompting Russian crypto miners to collaborate.
Russia supports crypto mining, although it has challenges. According to Crypto.news, Russia may soon restrict Bitcoin mining in certain areas due to electricity constraints. Russia’s Deputy Energy Minister Evgeny Grabchak said energy shortages in the Far East, southern Siberia, and South prohibit considerable power capacity until 2030.
2-Dogecoin fever hits South Korea
Despite the price drop, DOGE’s daily trading volume rose 4% to $32.3 billion. According to CoinGecko, Upbit and Bithumb, big South Korean crypto exchanges, are showing increased interest in the top meme currency.
Dogecoin leads Upbit trading volume at $4.9 billion, second only to Binance’s DOGE/USDT pair. On the Korean market, the dog-themed meme currency trades for $0.391.
CoinGecko reports DOGE trading at $0.393 with $1.7 billion in volume.
The Dogecoin trade volume is at its maximum, and market premiums normally appear when markets peak. Since the U.S. elections, many predict Bitcoin to rise, increasing cryptocurrency demand.Price to hit $100,000 this month.
Bitcoin’s ascent frequently puts altcoins on a rollercoaster.
Other DOGE positive factors include Elon Musk’s actions. Musk has historically boosted meme token prices with his remarks.
Musk and Roivant Sciences founder Vivek Ramaswamy will chair the Department of Government Efficiency (DOGE), according to crypto.news.
Trump claimed the agency would “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies” under his administration.
3-Bitcoin Fog Operator Gets 12.5 Years for Longest Bitcoin Laundering
The Sterlingov Bitcoin Fog processed almost 1.2 million Bitcoin transactions totaling $400 million between 2011 and 2021. Most were dark web market transactions for drug trafficking, computer crimes, identity theft, and child sexual abuse.
In March 2024, a jury convicted Sterlingov of money laundering conspiracy, laundering, operating an unlicensed money transmitting organization, and money transmission without a license in the District of Columbia, destroying his business
FBI Washington Field Office, IRS-CI District of Columbia Cyber Crime Unit, and international agencies from Japan, Sweden, Denmark, Romania, the UK, and Europol led the investigation.
Sterlingov must pay $395,563,025.39 ($395.56 million) in forfeiture money and forfeit $1.76 million in cryptocurrencies and monetary assets in addition to his prison sentence. His share in the Bitcoin Fog wallet, which has 1,345 Bitcoins worth $103 million, will also be lost.
This case indicates that law enforcement can monitor and prosecute cryptocurrency-based money laundering, even as hackers and launderers become more anonymous.
References
https://crypto.news/dogecoin-mania-enters-south-korea-despite-falling-below-0-40
https://crypto.news/kremlin-official-warns-rising-crypto-mining-could-strain-russias-energy-supply
Bitcoin Fog Operator Gets 12.5 Years for Longest-Running Bitcoin Laundering