Russia now 2nd largest Bitcoin miner in the world. U.S. remains top Bitcoin mining country with a mining capacity of 3-4 GW. Russia has made significant strides in the Bitcoin mining industry, as it recently surpassed Kazakhstan to become the second-largest Bitcoin mining power g...
- Russia now 2nd largest Bitcoin miner in the world.
- U.S. remains top Bitcoin mining country with a mining capacity of 3-4 GW.
The US still holds its top spot as the leader in the Bitcoin mining industry with a mining capacity of 3-4 GW. Russia follows closely with 1 GW, while the Gulf countries rank third with a combined mining capacity of around 700 MW. Other countries on the list include Canada, Malaysia, Argentina, Iceland, Paraguay, Kazakhstan, and Ireland.
Russian Overtakes Kazakhstan
Regulatory Changes Affect Rankings
Regulatory changes often significantly influence the ranking of leading Bitcoin mining countries. Kazakhstan provides an example of this phenomenon. At the end of 2021, Kazakhstan was the world’s second-largest mining power, accounting for 18% of the global hash rate. However, the country experienced an energy crisis towards the end of the year, leading the government to shift its attention to the mining industry.
Impact of Regulatory Changes
Conclusion
The ranking of leading Bitcoin mining countries is likely to keep changing as regulatory environments and geopolitical events continue to evolve. With Russia now emerging as the second-largest Bitcoin mining power globally, it is clear that the country’s mining industry is set to make a significant impact on the future of cryptocurrency. However, whether Russia will be able to maintain its position or not remains to be seen, and only time will tell.