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.
No comments:
Post a Comment