Russia has climbed the ranks to become the second-largest country in the world for Bitcoin and cryptocurrency mining, with the United States holding onto the top spot, according to a report by BitRiver.
The report stated that in the first quarter of 2023, Russia achieved a new milestone by using 1 gigawatt (GW) of power involved in mining operations.
However, the United States maintains a larger mining capacity of 3-4 GW, followed by other countries in the top 10 list.
Despite the United States being the leader in Bitcoin mining, the lack of clear cryptocurrency regulations in the country could lead to a potential market shift.
The report suggests that the positive trend in Russia’s mining capacity is due to restrictions in mining activities in Kazakhstan and China, which has resulted in miners relocating to countries like Russia.
With the recent law on digital assets in Kazakhstan, the Russian mining industry may attract further investments and grow its economy.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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