Bitcoin Miner Mara CEO Fred Thiel Claims Mining and BTC Strategic Reserves Are National Security Interests

Just shows that #bitcoin is a matter of national security, both bitcoin mining and strategic reserve. Russia mined over $3 billion in Bitcoin last year amid sanctions.

Bitcoin (CRYPTO: BTC) mining by Russia came to the fore in 2022, with the country generating $3 billion from the activity amid sanctions, according to Sergey Bezdelov, Director of Russia’s Industrial Mining Association. This figure, which is less than 1% of Russia’s $2.27 trillion GDP, could have provided a valuable tax revenue source.The country also explored using several crypto exchanges to evade sanctions, as highlighted in the latest Chainalysis report. However, large-scale usage at the national and international levels encountered challenges, such as sanctions on associated wallet addresses.Bitcoin miner Mara (NASDAQ:MARA) CEO Fred Thiel commented on the development, emphasizing the importance of both bitcoin mining and strategic reserves to national security. Thiel's statement comes as the U.S. continues to hold gold in Fort Knox and engages in conversations about bitcoin strategic reserves.Russia's bitcoin mining revenue is a hot topic, and here's why:In 2022, Russia generated over $3 billion in revenue from bitcoin mining, a figure that is less than 1% of the country’s $2.27 trillion GDP. However, this activity could have provided a valuable tax revenue source, especially given the country’s economic woes following Western sanctions.This was revealed by Sergey Bezdelov, Director of Russia’s Industrial Mining Association, during a mining session on Wednesday. Although the country’s government banned crypto activities in December 2022, bitcoin mining was legalized in early 2023.According to the latest Chainalysis report, the Russian government could use several crypto exchanges, such as Exved and Garantex, to evade sanctions. However, the firm noted that large-scale usage at the national and international levels could face several challenges, including sanctions on associated wallet addresses.

The above is the detailed content of Bitcoin Miner Mara CEO Fred Thiel Claims Mining and BTC Strategic Reserves Are National Security Interests. For more information, please follow other related articles on the PHP Chinese website!