July 19, 2021

Russia Has a Chance to Become One of the Top 3 Countries for BTC Mining

The Cambridge Centre for Alternative Finance published a report on the mining industry development this month. According to the document, the three largest BTC miners are China, the United States, and Kazakhstan. Nevertheless, due to the pressure of miners from Chinese regulators (discover more here), the PRC began to lose ground. Thus, Russia, which now ranks fourth, has a chance to enter the top three.

Great Mining Migration 

When China had begun to kick miners out of the country, crypto lovers had nothing left but to move to other countries. Those who had no Plan B started selling equipment and digital gold. A slew of countries was okay to become a new mining empire. Among the top destinations were the United States and Kazakhstan (who else can challenge China for Mining Superpower, find out in our article). Despite the fact that American scientists believe that mining poses a serious threat to the ecology, a number of regions are ready to accept members of the Chinese crypto community. As for Kazakhstan, there is an increasing focus on the crypto industry. Chinese miners have also paid attention to the Russian Federation.

Future Plans

The crypto business in the Russian Federation plans to increase its share in the bitcoin hashrate by attracting Chinese companies to its territory. This was announced by a representative of the Russian Association of Crypto Industry and Blockchain. 

In the near future, the organization will present a plan to increase computing power with the help of the energy infrastructure of the country. To do this, RACIB will start cooperation with Chinese mining companies, as well as with energy specialists under the leadership of state bodies.

Russia is currently one of the largest energy powers. It boasts capacities in the form of hydro and nuclear power plants. This factor may be crucial for PRC miners, who are looking for new places to resume their activities. RACIB is negotiating with Chinese companies that have more than 25% of the BTC hashrate. Huge mining farms may appear in the South of the European part of Russia.

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