Analysis: Russian Bitcoin Mining Business Is Booming

According to CoinDesk, sources said that as the U.S. market becomes saturated, mining rig manufacturers such as Bitmain and MicroBT are expanding into Russia. Ethan Vera, chief operating officer of Bitcoin mining infrastructure provider Luxor Technologies, told the CoinDesk Consensus Festival 2023 that more machines are flowing into Russia than anywhere else in the world. Russia has always been a powerhouse in terms of Bitcoin hash rate due to its supply of cheap energy and cold climate. Russia's share of world mining increased as China banned the industry in 2021, making it the world's second or third largest mining company, according to one of its largest mining companies.