Surprisingly, #Russia has already surpassed industry heavyweights to take second place in the world for #bitcoin mining. The rise in #cryptocurrency #mining demonstrates Russia's growing interest in the sector and its readiness to adopt more modern technology.
With 3–4 GW of mining capacity, the United States continued to hold the top spot as the country with the most significant mining power. With around 700 megawatts (MW) of total electricity, the Gulf countries constitute the world's third-largest mining power, after Russia with 1 GW.
The following countries are Canada, Malaysia, Argentina, Iceland, Paraguay, Kazakhstan, and Ireland, with capacities of 400 MW, 300 MW, 135 MW, 120 MW, 100-125 MW, and 90 MW, respectively.
Due to a number of factors, including the nation's abundant natural resources, low electricity costs, and an ideal atmosphere for cooling mining equipment, Russia's cryptocurrency mining industry is rising quickly. These advantages have attracted a number of mining businesses to set up shop in Russia, leading to a significant increase in the nation's production of cryptocurrency mining.
Due to severe cryptocurrency regulations, including as President Vladimir Putin's 2020 law on digital financial assets, which recognized cryptocurrencies but forbade their use as payment methods for products and services, the use of bitcoin is restricted throughout the nation.
China, which prohibited mining of cryptocurrencies in 2021, was absent from the top ten.
This significant event occurs when the crypto-mining industry is undergoing a global upheaval. The recent prohibition on cryptocurrency mining in China has forced numerous mining companies to relocate. Due to its vast untapped resources and supportive regulatory environment, Russia has become a desirable destination for these displaced miners.
Nevertheless, cryptocurrencies have been linked to Russia's methods for evading sanctions, and the US blacklisted a Bitcoin and Ethereum address in February that it claimed was involved in exporting military hardware from the nation.
Analysts claim that Kazakhstan's changing attitude toward mining is largely to blame for the nation's improvement in the rankings. Russia overcame Kazakhstan, which restricted cryptocurrency mining operations in 2022 and currently holds the ninth-place position, moving up to take over second place for the first time.
The dramatic rise in cryptocurrency mining in Russia shows the nation's commitment to using cutting-edge technology and solidifies its position as a major player in the global crypto industry.
This news is republished from https://coinaquarium.io/