July 2024: Exciting Developments in the Cryptocurrency Mining Industry
July 2024 brought about some significant changes in the cryptocurrency mining industry, with legal and corporate developments shaping the landscape.
Russia Establishes Legal Framework for Cryptocurrency Mining
In late July, the Russian State Duma passed a bill to regulate cryptocurrency mining and digital asset distribution. This bill focuses on large-scale mining operations, mandating registration with the Mining Infrastructure Operators Register. Home miners are exempt from registration if they comply with government-set energy consumption limits. However, individuals with a history of economic crimes are barred from participation to ensure a trustworthy mining industry in Russia.
President Vladimir Putin signed the law on August 8, introducing terms like “digital currency mining” and “mining infrastructure operator.” This legal framework considers mining as part of the revenue process, providing clarity for operations and potentially influencing future regulatory and tax policies.
Read more: What is Cryptocurrency Mining?
Australian Bitcoin Miner Iris Energy Expands Mining Capabilities
In July, Australia-based Bitcoin miner Iris Energy secured $413 million in funding to enhance operational capabilities. The company aims to add 30 EH/s and 510 MW data centers to support its expansion plans in 2024. This funding not only strengthens Iris Energy’s position but also allows for future investments in power capacity and strategic opportunities, particularly in the United States.
Riot Platforms Acquires Block Mining for Expansion
Riot Platform made a significant move in July by acquiring Kentucky-based Bitcoin miner Block Mining for $92.5 million. This acquisition is part of Riot’s strategy to diversify and grow its business within the United States. The deal provides Riot with an additional 60 MW of development capacity, with potential for further expansion. Riot CEO Jason Less emphasized the importance of this acquisition in achieving the company’s growth targets and entering new power markets.
Northern Data Plans IPO for AI and Data Center Business in the US
European Bitcoin miner Northern Data is considering an IPO for its artificial intelligence cloud computing and data center business in the United States. The expected IPO in the first half of next year could value the combined companies at $10-16 billion. This strategic move to list its units on Nasdaq aims to strengthen Northern Data’s market position and provide capital for expansion in the US. The IPO decision aligns with Northern Data’s focus on leveraging AI, cloud computing, and cryptocurrency mining.
Former Marathon Digital Executive Wins $138 Million Verdict
In late July, Marathon Digital was ordered to pay $138 million in damages for violating a confidentiality agreement with former executive Michael Ho, now Hut 8’s chief strategist. This verdict highlights the importance of honoring contractual obligations and professional relationships in the industry.
The information contained on the BeInCrypto website is published in good faith and for informational purposes only. Users are solely responsible for any consequences arising from the use of the information on this website.
In addition, part of the content is the AI translated English version of BeInCrypto articles.
