Russia is now the second largest bitcoin mining nation

For the primary time, Russia ranks second among the many international locations with the very best contribution to bitcoin mining. The very best share was beforehand that this nation was in third place, after the USA and Kazakhstan.

As talked about native media The Russians, between January and March 2023 Russia has a mean of 1 gigawatt {of electrical} energy utilized completely to bitcoin mining and cryptocurrencies. This allowed it to rank above international locations like Canada and Malaysia, and Latin America Argentina and Paraguay. All between 100 MW and 400 MW.

Based on the Cambridge Heart for Various Finance, in 2020 Russia was a part of a triad that accounted for 65% of all bitcoin hashes, together with China and the USA.

Causes for the expansion of bitcoin mining in Russia

Specialists from the Russian mining firm BitRiver imagine that the current progress in bitcoin mining in Russia is On account of the restrictive measures taken by the Authorities of Kazakhstan in 2022.

In March of final yr, CriptoNoticias reported that the Kazakh authorities had scrapped greater than 100 mining farms. The primary motive they gave for taking such measures was the power disaster the nation was going by means of. Later, on the finish of the yr, the Parliament of Kazakhstan applied measures to guard the nationwide electrical energy system from unlawful mining and established mining licenses.

Alisa Tsukanova, Advertising and marketing Director of the EMCD mining pool, predicts that cryptocurrency mining in Russia will proceed to develop. Based on her, there are areas on this nation It presents low-cost electrical energy and a good local weathermeans financial savings when investing in refrigeration gear.

Nonetheless, the opposition of entities such because the Russian Central Financial institution to selling bitcoin mining on nationwide territory may very well be one of many obstacles to the enlargement of this exercise.