No Russian Mining

Keep Your Bitcoin Miners Close

By hifi.crypto | HiFi Crypto | 26 Apr 2022

Read now to learn how financial sovereignty means “Not Your Keys, Not Your Coins”, and so much more.

There’s a common saying in the Bitcoin space that’s intended to quickly convey the importance of having direct control over one’s Bitcoin holdings: “Not Your Keys, Not Your Coins”. It’s derived from the fact that the only way to truly protect your Bitcoin is to ensure that you alone have access to the private keys behind your Bitcoin address. If you entrust your private keys to someone else, no matter how much you trust them or what ethical standards or regulations are in place, there’s always a risk that your Bitcoin can be lost or taken away through no fault of your own. Simply put, no one is more interested in your success, and willing to pursue it at all costs, than you are.

The reality though is that battling for sovereignty over one’s finances extends far past Bitcoin private keys alone. People are being banned from financial systems, social media, public spaces, and more left and right. It’s even happening in crypto. No matter who you are or where you live, your freedoms, assets, and livelihoods can never be completely safe when entrusted to a government, company, or another person.

Recent events in the Bitcoin space have provided us with an interesting case study of this, albeit an unfortunate one for the victims:

BitRiver + Compass Mining = Lost ASICs

It all started a few days ago when the Office of Foreign Assets (OFAC) in the United States issued sanctions against BitRiver, a Russian company that operates Bitcoin mines and provides hosting services domestically and internationally. Russia’s cheap energy prices and cold climate have made it very attractive for mining Bitcoin, and BitRiver seems to have had quite a bit of success attracting clientele to its hosting business, including from the U.S.

The intent of the sanctions was to hurt Russia’s ability to finance itself, per OFAC’s statement:

By operating vast server farms that sell virtual currency mining capacity internationally, these companies help Russia monetize its natural resources.

It may or may not be the case that the sanctions will directly impact the finances of the Russian government. I certainly don’t claim to have knowledge one way or the other. But the negative impacts are already being felt on innocent third parties who had nothing to do with the decisions being made by the Russian or U.S. governments…👇🏻

Read the full article for free on my website.

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I am an avid Bitcoin enthusiast. I publish the HiFi Crypto Letters, a twice weekly newsletter on Bitcoin, crypto and blockchain:

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