Russia-based cryptocurrency mining company BitRiver said that the Russian Federation has risen to second place globally in terms of mining with 1 gigawatt of power.
Russia is the second largest country in cryptocurrency mining, while the United States remains in the top spot. However, uncertain regulations in the US may change the course of the market. The United States ranks first with a mining capacity of 3-4 GW, followed by Russia with 1GW. The first two places in the list are USA and Russia, while Gulf countries with 700 megawatts (MW), Canada with 400MW, Malaysia with 300MW, Argentina with 135MW and Ireland with 90MW.
Russia Ranks 5th in 2022
According to data from the Cambridge Center for Alternative Finance, at the end of 2021, Russia ranked third in cryptocurrency mining, surpassing both the United States and Kazakhstan in terms of Bitcoin mining capacity. In January 2022, the country ranked fifth.
Experts at BitRiver attribute the positive trend in mining capacity to restrictions on mining activities due to electricity shortages in Kazakhstan and previously in China.
On February 6, 2023, Kasım-Jomart Tokayev signed a law on digital assets regulating cryptocurrency mining in Kazakhstan. The main part of the law will enter into force on April 1, 2023.
According to the report, the new legislation will provide a safe environment for mining sector participants to plan their operational and financial activities, carry out large projects, attract investment and develop relevant sectors of the Russian economy, in particular the electric power and information technology industries.
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