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The rapid weakening of the ruble is boosting cryptocurrency mining in <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a>. According to a <a href="https://www.kommersant.ru/doc/6160652?from=glavnoe_5" rel="noopener noreferrer nofollow">survey</a> by Kommersant, demand for mining facilities is growing fast. 
<a href="https://ultramining.com/news/rossiya-sravnyalas-s-ssha-po-tempam-rosta-majninga-kriptovalyut/" rel="noopener noreferrer nofollow">BitRiver</a>, a data center operator, confirmed that orders doubled in the first half of 2023. This is mainly due to the falling ruble. It allows Russian operators to save on costs, as salaries and <a href="https://ultramining.com/news/en/crypto-mining-with-flare-gas-a-green-solution-or-environmental-setback/" rel="noopener noreferrer nofollow">electricity</a> bills are paid in rubles. Thus, as the dollar increased by almost 40% this year, costs fell. 
Because of this, <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a> now has a significant advantage over other countries. For example, the average cost of Bitcoin mining dropped from $15,000 to $10-12,000. Consequently, companies are rushing to meet demand. But, there is no available capacity. Large customers have to wait for months. 
Another factor is the overflow of Chinese miners from the United States. Stricter <a href="https://ultramining.com/news/en/senator-lummis-pushes-for-crypto-regulation-amid-sec-lawsuits/" rel="noopener noreferrer nofollow">U.S.</a> regulations, rising <a href="https://ultramining.com/news/en/upcoming-bitcoin-halving-threatens-mining-profitability-analysts-warn/" rel="noopener noreferrer nofollow">electricity prices</a>, and political tensions with China have contributed. In contrast, <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a>'s lower costs and stable Bitcoin quotes are attracting miners. 
However, there are risks. The lack of clear regulation in <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a> could hinder growth. If the government demands cryptocurrency be sold on a centralized exchange, major platforms may refuse to accept it. 
Nevertheless, experts believe that the demand for mining expansion will remain stable. This is given the current ruble exchange rate and <a href="https://ultramining.com/news/en/upcoming-bitcoin-halving-threatens-mining-profitability-analysts-warn/" rel="noopener noreferrer nofollow">electricity prices</a>. But, with crypto mining comes increased risk. The Russian market must act wisely to seize this unique opportunity. 
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Ruble Weakness Spurs Cryptocurrency Mining Boom in Russia; Chinese Miners Shift Focus

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