I also don't think this decision has anything to do with BRICS as people think, it's just a decision that will have an impact within Russia's territory. Perhaps as you said they want to promote their economy in many different ways or they also want to compete for this market and do not want it to completely fall into the hands of the US.

But personally I don't think bitcoin mining in Russia is a bad thing. The fact that miners are evenly distributed across countries is a good thing instead of the majority of mining companies being too concentrated in the US and China.

BRICS will use their own monetary and financial system for money transmitter and they will avoid any risk of dependence on any network that can be affected or manipulated by Western countries. Bitcoin network is good but I believe that BRICS nations will not want to use this as it is still not under their control, they know this fact.

It's more related to geopolitical issues and it is part of their efforts especially from China and Russia to create a multi-polar world than a single polar world with dominant leadership from the USA.

Bitcoin mining is decentralized and after many years since 2009, it is no longer too centralized geographically in China. Nowadays with good decentralization of Bitcoin mining and hash rate globally, and in future more nations will join this profitable industry, we will have a more secure and decentralized Bitcoin network. With time, more decentralization of Bitcoin network, one nation like Russia, China or the USA. won't affect Bitcoin mining industry too much if they abruptly have big policy changes.

Decentralized from hash rate and nodes.
https://coin.dance/nodes
https://bitnodes.io/
https://buybitcoinworldwide.com/mining/by-country/
https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country

Russia may not want to miss the opportunity to provide open space for Bitcoin mining in their country since they have areas with cold temperatures and abundant energy resources, it will be one of the investment destinations for global Bitcoin mining companies. This wise move by Russia can have an economic impact on them with the influx of investment and taxes from Bitcoin mining companies, and especially the US is unable to sanction them in this case since Bitcoin is decentralized.


But maybe specifically for China, they still can't fully accept Bitcoin in their country because they are quite protective and nationalistic about their currency and economy, so maybe Bitcoin still won't be fully accepted in China in the next few years. But maybe there is a change in that, although the possibility is small.

For one, they need to find ways how to trade or move their funds internationally with limited options as they are sanctioned by a lot of governments around the world. So it is no surprise why they will be into crypto or btc. This is one good option for them for cross-border transactions or payments.

And with such move, of course, it is very favourable for bitcoin market. As this will create more demand. With the limited supply of bitcoin, we all know that the demand will further increase the value of this top coin. So we are not closing our doors to this kind of development, even if we say, it is Russia in play.

A very close friend of mine, who's a normie, sent me a message that Russia is going to start testing/using cryptocurrencies for international trade and settlements next week to go around U.S. sanctions? I don't believe it's true, but if Russia actually starts using crypto, that could be the inception of a global awareness of Bitcoin as some sort of breaker of political strongholds.

The enemies of Bitcoin will definitely have no choice but to accumulate it too.

HODL!

Good or bad, I believe that will merely be a matter of personal opinion. But because of Bitcoin's technical design which makes it decentralized and censorship-resistant, its very nature is to be or will always be as a breaker/weakener of political strongholds. Satoshi might not have intended that to be in Bitcoin's path, BUT maybe he also did? Because why take all of those extra-careful measures to hide his/her real identity.

That is one thing i was asking myself earlier today, if countries and foreign businesses do not want to trade with Russia, how does BTC give them an advantage and how does it help them circumvent sanctions. Except there are many countries and foreign businesses that want to trade with Russia and their companies, but they cannot due to sanctions and the requirement of a third party, i.e.SWIFT, that has removed a lot of Russian banks from their system, so now they can use BTC to settle the trade without any third party involvement.

Russia's permitting the mining of bitcoin in recent times has to be for a reason, because they have not really permitted this in a long while as its been in an embattlement and and has gone through a lot of process, this will help bitcoin gain more popularity around the world and also increase the acceptability of bitcoin, this will also increase the trade volume of bitcoin which will also increase the amount of those who would want to further invest in bitcoin which will in turn lead to the increase in the volatility and value of bitcoin.

Well it’s about time, very late to the party! I am not so sure why Russia hasn’t embraced Bitcoin considering their territory and the Ukraine are so welcome to ransomware criminals and they don’t press charges on them or send them to other countries that have those groups and individuals on their most wanted list. Maybe it’s a front because instead of mining it they would rather hack and steal it though the exfiltration and extortion of corporate data over the world. It’s a huge industry and insurance carriers issue cyber policies that protect and pay out on ransomware. I’m just speculating here but honestly I think I’m on to something lmao….