{"id":526154,"date":"2023-04-10T01:13:28","date_gmt":"2023-04-10T01:13:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=526154"},"modified":"2024-06-11T14:34:58","modified_gmt":"2024-06-11T14:34:58","slug":"russia-now-worlds-second-biggest-crypto-mining-nation-report","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/russia-now-worlds-second-biggest-crypto-mining-nation-report\/","title":{"rendered":"Russia Now World\u2019s Second Biggest Crypto Mining Nation – Report"},"content":{"rendered":"

Russia is now the world’s second-biggest crypto miner, according to a Friday report<\/a> by Russian news outlet Kommersant. According to this report, data from Russia\u2019s biggest mining company, BitRiver, shows that the Russian Federation attained a mining power of 1 gigawatt (GW) during the first quarter of 2023 to displace the Republic of Kazakhstan from its position.\u00a0<\/span><\/p>\n

As expected, the United States still remains the largest crypto-mining nation with a capacity of 3-4 GW. That said, other nations that rank in the top 10 according to BitRiver\u2019s report include the Gulf countries, Canada, Malaysia, Argentina, Iceland, Paraguay, and Ireland.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Mining Difficulty Hits All-Time High For The 4th Time In 2023: Here\u2019s Why<\/a><\/div>\n

Russia\u2019s Rise In Mining Power<\/strong><\/h2>\n

For some years now, Russia has held third place behind Kazakhstan and the U.S. However, the country\u2019s recent change in approach towards the cryptocurrency sector appears to have begun paying dividends.<\/span><\/p>\n

Given the heavy international sanctions on Russia due to its ongoing war with Ukraine, the transcontinental nation began exploring the potential of this decentralized cryptocurrency world.\u00a0<\/span><\/p>\n

This has led to the government creating an enabling environment for crypto-based activities, including mining.<\/span><\/p>\n

A good example of this is the subsidization<\/a> of the operating costs of a 100-megawatts (MW) mining facility currently under construction in Siberia. These subsidies included slashed electricity costs, lower tax rates, and land and property tax exemption.<\/span><\/p>\n

However, it is worth noting that Russia’s rise to second place in mining power was also mediated by the introduction of stringent rules in Kazakhstan limiting mining activities.<\/span><\/p>\n

In late 2022, the Parliament of Kazakhstan introduced<\/a> a law requiring crypto miners to obtain a license. This bill aimed to regulate mining activities and protect the nation\u2019s energy supply.\u00a0<\/span><\/p>\n

This law led to a drastic decrease in the mining capacity of Kazakhstan, with the Asian nation falling from the second to the ninth position in the top 10\u00a0<\/span>crypto mining nations, according to BitRiver.<\/span><\/p>\n

Related Reading: Cardano\u2019s TVL Set For Exponential Growth, TapTools Reports<\/a><\/div>\n

Could Russia Catch Up With the United States?<\/strong><\/h2>\n

Considering Russia\u2019s latest feat, there are speculations about the country\u2019s ability to catch up with the U.S. and maybe become the biggest crypto miner in the world.\u00a0<\/span><\/p>\n

Ordinarily, one could say that Russia is well placed to attain this feat considering numerous areas in the nation present low electricity costs and a favorable climate allowing mining operators to avoid spending on cooling equipment.<\/span><\/p>\n

Moreover, the crypto mining industry in America is facing critical issues such as electricity price hikes, zero tax incentives and reduced profitability. In addition, the U.S. federal government has yet to determine the status of cryptocurrency and digital assets.<\/span><\/p>\n

\"Russia\"<\/p>\n

Total Crypto Market valued at $1.13T | Source: TOTAL chart on Tradingview.com<\/a><\/span><\/pre>\n
However, there are still concerns about crypto mining in the Russian Federation, including the lack of a federal regulatory framework. Many speculate that the eventual introduction of mining regulations could positively and negatively affect the industry.\u00a0<\/span><\/p>\n
Featured Image: Al Jazeera, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
Russia is now the world’s second-biggest crypto miner, according to a Friday report by Russian news outlet Kommersant. According to this report, data from Russia\u2019s biggest mining company, BitRiver, shows that the Russian Federation attained a mining power of 1 gigawatt (GW) during the first quarter of 2023 to displace the Republic of Kazakhstan from its position.\u00a0 As expected, the United States still remains the largest crypto-mining nation with a capacity of 3-4 GW. That said, other nations that rank in the top 10 according to BitRiver\u2019s report include the Gulf countries, Canada, Malaysia, Argentina, Iceland, Paraguay, and Ireland.\u00a0 Related Reading: Bitcoin Mining Difficulty Hits All-Time High For The 4th Time In 2023: Here\u2019s Why Russia\u2019s Rise In Mining Power For some years now, Russia has held third place behind Kazakhstan and the U.S. However, the country\u2019s recent change in approach towards the cryptocurrency sector appears to have begun paying dividends. Given the heavy international sanctions on Russia due to its ongoing war with Ukraine, the transcontinental nation began exploring the potential of this decentralized cryptocurrency world.\u00a0 This has led to the government creating an enabling environment for crypto-based activities, including mining. A good example of this is the subsidization of the operating costs of a 100-megawatts (MW) mining facility currently under construction in Siberia. These subsidies included slashed electricity costs, lower tax rates, and land and property tax exemption. However, it is worth noting that Russia’s rise to second place in mining power was also mediated by the introduction of stringent rules in Kazakhstan limiting mining activities. In late 2022, the Parliament of Kazakhstan introduced a law requiring crypto miners to obtain a license. This bill aimed to regulate mining activities and protect the nation\u2019s energy supply.\u00a0 This law led to a drastic decrease in the mining capacity of Kazakhstan, with the Asian nation falling from the second to the ninth position in the top 10\u00a0crypto mining nations, according to BitRiver. Related Reading: Cardano\u2019s TVL Set For Exponential Growth, TapTools Reports Could Russia Catch Up With the United States? Considering Russia\u2019s latest feat, there are speculations about the country\u2019s ability to catch up with the U.S. and maybe become the biggest crypto miner in the world.\u00a0 Ordinarily, one could say that Russia is well placed to attain this feat considering numerous areas in the nation present low electricity costs and a favorable climate allowing mining operators to avoid spending on cooling equipment. Moreover, the crypto mining industry in America is facing critical issues such as electricity price hikes, zero tax incentives and reduced profitability. In addition, the U.S. federal government has yet to determine the status of cryptocurrency and digital assets. Total Crypto Market valued at $1.13T | Source: TOTAL chart on Tradingview.com However, there are still concerns about crypto mining in the Russian Federation, including the lack of a federal regulatory framework. Many speculate that the eventual introduction of mining regulations could positively and negatively affect the industry.\u00a0 Featured Image: Al Jazeera, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":526157,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[11450,2650,2997,3730,13181],"class_list":["post-526154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-mining","tag-kazakhstan","tag-mining-power","tag-russia","tag-u-s"],"acf":[],"yoast_head":"\nRussia Now World\u2019s Second Biggest Crypto Mining Nation - Report Russia Now World\u2019s Second Biggest Crypto Mining Nation - Report<\/title>\n<meta name=\"description\" content=\"Russia is now the world's second-biggest crypto miner, according to a Friday report by Russian news outlet Kommersant. 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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