RUSSIA’S BITCOIN MINING MARKET RISES AS MINING MACHINES MOVE INTO THE COUNTRY

In view of easy access to cheap electricity and ice-cold temperature in Russia, Bitcoin mining market in the country is snowballing.

 

Consequently, Russia has long been a leader in terms of Bitcoin hash rate and hardware providers, Bitmain and MicroBT, are positioned to profit from the expansion.

 

While making a speech at Consensus 2023, Ethan Vera, who is the Chief Operating Officer of a mining services company, Luxor Technologies, said that more equipment is entering Russia than any other country in the globe.

 

It can be regurgitated that China's mining industry was banned in 2021.

 

As a result of this, Russia's mining market share increased, making it the second- or third-largest in the world.

 

Despite international sanctions put in place because of Russia's invasion of Ukraine in 2022, there is no restriction on Russia that entirely forbid participation in the mining industry,

 

Russian miners have been encouraged to expand their operations by better mining economics, reduced regulatory oversight and taxes compared to the US and other countries, and low energy costs.

 

Cryptocurrency Mining Group (CMG) stated that due to these factors, Russia will be the only nation that can significantly catalyze the rise of hashrate.