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The central bank of Russia has proposed that crypto mining and trading should be outlawed. Owning crypto, however, would still be allowed. The news follows the presentation of a report "Cryptocurrencies: trends, risks, measures," during an online press conference with Elizaveta Danilova, the director of the Bank of Russia's Financial Stability Department.

Robinhood, the online investing platform that is popular amongst retail investors, has released the beta for its crypto wallet service, which will allow users to withdraw their cryptocurrencies from the platform.

Following the successes of the solo bitcoin miners earlier in the month, a solo ETH miner has defied all odds to successfully mine a block on their own, receiving 168 ETH as a reward valued at roughly $540,000.

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Top stories in the Crypto Roundup today:

  • Bank of Russia Proposes Ban on Crypto Mining & Trading
  • Robinhood’s Crypto Wallet Beta Is Live
  • Solo Ethereum Miner Receives 168 ETH Block Reward
  • Sponsored: Score Up to $80 in Rewards with Bybit

 
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Bank of Russia Proposes Ban on Crypto Mining & Trading

 

The central bank of Russia has proposed that crypto mining and trading should be outlawed. Owning crypto, however, would still be allowed. The news comes following the presentation of a report "Cryptocurrencies: trends, risks, measures," during an online press conference with Elizaveta Danilova, the director of the Bank of Russia's Financial Stability Department.

In the report, cryptocurrencies are described as being volatile and regularly used in illegal activities, such as fraud. As such, the proposed laws and regulations would look to build on Russia’s existing ban on using crypto for payments that was signed into law in July 2021. 

The bank has already barred mutual funds from investing in digital assets, and is now looking to introduce a punishment for those buying or selling goods, services and labour by Russian individuals and businesses, the report suggests.

Although cryptocurrency mining has flourished in Russia over the last year, miners said the stance was unsurprising, and that the probability of a complete ban of the entire cryptocurrency industry is "negligible," said Roman Zabuga, the PR director of mining hosting provider BitRiver.

 
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Robinhood’s Crypto Wallet Beta Is Live

 

Robinhood, the online investing platform that is popular amongst retail investors, has released the beta for its crypto wallet service, which will allow users to withdraw their cryptocurrencies from the platform. 

Currently, the beta is reserved for the first 1,000 users that signed up to the platform’s waitlist to take part in the “Wallets” beta testing. Users will be allowed to withdraw $2,999 worth of cryptocurrencies over 10 transactions per day. 

Going forward, Robinhood expects to raise the user cap to 10,000 by March. Yesterday, on Jan 20h, Robinhood stated: “Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product. 

The last publicly released count of the sign-up waitlist revealed that 1.6 million users - roughly 7% of the Robinhood user base - had signed up for the wallets feature. Prior to this, any cryptocurrency that was bought on the platform could not be withdrawn.

 
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Solo Ethereum Miner Receives 168 ETH Block Reward

 

Following the successes of the solo bitcoin miners earlier in the month, a solo ETH miner has defied all odds to successfully mine a block on their own, receiving 168 ETH as a reward valued at roughly $540,000. 

The miner was operating through 2Miners - a solo cryptocurrency mining pool - when they successfully mined the block. Notably, the miner was rewarded with 168 ETH, which is 42X the average block reward of ~4ETH that miners usually receive. 

Prior to this, a Bitcoin miner from the Solo CK mining operation received 6.25 BTC for mining an entire block on their own on Jan 11th. Two days later, another miner using the Solo CK mining pool achieved the same feat. 

The two miners reportedly had a 1 in 1,400,000 chance of solo mining a block, and for them to both manage this in the same week has been estimated at a 1 in 1 billion chance.

 
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