FT News Briefing Siberia’s DIY cryptocurrency miners
Feb 18, 2022
Sequoia Capital is diving deeper into cryptocurrency, setting aside $500 million for investments. Meanwhile, global regulators are urging swift action to address the potential risks of digital assets. In Siberia, a booming DIY crypto mining scene has emerged, fueled by cheap electricity and innovative locals. However, the rise of this industry faces challenges, including recent changes in regulations and safety concerns due to increased electricity demands. Cold temperatures and resourcefulness define this unique cryptocurrency frontier.
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Sequoia's Crypto Push
- Sequoia Capital is increasing its cryptocurrency investments with a new fund worth $500-$600 million.
- This move demonstrates growing interest from major tech investors in the potentially lucrative cryptocurrency market.
FSB's Call for Crypto Regulation
- The Financial Stability Board (FSB) is urging coordinated global action on cryptocurrency regulation.
- They aim to prevent a crypto market crisis from impacting the broader financial system.
Siberia's Crypto Cottage Industry
- Siberia, specifically Irkutsk, has seen a rise in DIY cryptocurrency mining due to cheap electricity.
- Miners operate from homes, sometimes hiding equipment, using household electricity to generate extra income.