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War and bear market forces Japanese crypto miners to flee Russia

Japanese crypto miners are set to call time on their Russian operations due to bearish markets and the ongoing conflict in Ukraine.

Bitcoin miners forced to dump holdings to stay afloat amid market crash

According to research from Arcane Crypto, public miners sold 14,600 BTC in June and a further 6,200 in July to pay debts and cover costs.

If the underground operation had overloaded the power grid, it could have caused huge disruption to vital frontline infrastructure.

More than 30 Japanese crypto firms still service Russian users despite laws that attempted to rule out sanction evasion via digital assets.

Marathon Digital has plugged 25% of its Bitcoin miners into a third-party pool to keep things going after a storm hit its Montana plant.