The Russian Ministry of Economic Development has hinted at a bullish development around Bitcoin; Costs have been reduced for Bitcoin miners. But what can we do about it?
First clear: yes it's bullish. The Russian ministry is considering energy tariffs for bitcoin miners, as well as imposing taxes on cryptocurrency-to-ruble conversions - until the benefits mentioned in certain regions are created.
One argument from the ministry is that bitcoin mining encourages massive increases in energy production, allowing for faster grid demand. This means that if energy demand shifts quickly, say in the face of unconventional weather conditions, miners have the power to limit or shut down miners for the purpose of supplying energy where it is most relevant.
Second, it puts pressure on Western powers. The US, the United Kingdom and the European Union have been slow to make specific decisions about the benefits of bitcoin and bitcoin mining. Which is not the least bit surprising; Bitcoin's censorship and decentralization not only threatens the potential of the SWIFT system, but also makes it more difficult for them to control the flight of capital.
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