Aesthetically Appealing Mining Ring Developed in Russia
At the same time, miners are pushing the government to identify them as self-employed.
Beautiful Ring Designed in Russia
A crypto mining ring has been developed by a Russian based studio. The ring has been dubbed beautiful by the creators. The “Freer” has been is a customizable ring meant to be used at home. Before choosing the appropriates rings, users will select from a number of factors such as colour and ports setting.
Mining rigs are largely considered to look bad since they deploy industrial-grade hardware. From an aesthetic point of view, home mining rings are also not appealing at all.
However, the studio has come out to remedy the situation. The good part about the ring is the customization feature to meet a client's needs. It has several ports on the back and choices for display on the front highlighting mined coins.
The Art Lebedev studio is operated by Artemy Lebedev. Lebedev has been focusing on the design features of the project. Notably, the first client for the ring has not been revealed. The studio has declined to reveal such information to the public. However, the public had a glimpse of the rings through published sketches.
Push to Lower Taxes for Miners
The announcement comes at a time when the country’s mining community is urging the government to identify private miners as self-employed. If the move pushes through, taxes on such individuals will drop by 10% to 3%.
Major companies in Russia are also calling on finance minister to declare private miners as self-employed. Lack of proper regulations has seen miners operate under unofficial status. They, therefore, cash out their earning illegally.
The miners are awaiting the final ruling from policymakers in Moscow over allowing and regulation of crypto-related activities. Mining falls under this activities. Currently, three bills are before parliament directly affecting the cryptocurrency activities.
If passed into law, cryptos will be regulated in different aspects. Circulation and exchange will be affected. The elephant in the room is on the taxation of incomes resulting from crypto activities. At the moment, income from the crypto business is taxed about 13% of Russian fiat.