United

Bitcoin

<a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a> has officially positioned itself as a global leader in Bitcoin mining, securing the second spot in computing power dominance, closely trailing behind the <a href="https://ultramining.com/news/en/pennsylvania-a-new-hub-for-cryptomining-ignites-environmental-concerns/" rel="noopener noreferrer nofollow">United States</a>. This achievement follows Russia's strategic move to inaugurate a colossal 120 megawatt mining farm in Ethiopia, marking a significant leap in its commitment to the cryptocurrency sector. This development not only shortens the gap with the <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/" rel="noopener noreferrer nofollow">US</a> but also surpasses mining giants like <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/" rel="noopener noreferrer nofollow">China</a> and <a href="https://ultramining.com/news/en/global-bitcoin-mining-activity-soars-hashrate-hits-record-high/" rel="noopener noreferrer nofollow">Kazakhstan</a>, signaling a pivotal moment in the crypto landscape, according to <a href="https://en.cryptonomist.ch/2024/02/12/russia-invests-in-bitcoin-mining-and-becomes-the-second-superpower-in-the-world-in-terms-of-computing-power" rel="noopener noreferrer nofollow">Cryptonomist</a>.
The establishment of the BitCluster data center in Addis Ababa, sprawling over 30,000 square meters, embodies the forefront of modern mining capabilities. Powered predominantly by the Grand Ethiopian Renaissance Dam, the facility underscores a sustainable approach to cryptocurrency mining. Russia's aggressive expansion into Bitcoin mining aligns with its broader aim to liberalize and regulate the crypto domain, proposing to recognize Bitcoin as a valuable asset, akin to natural gas.
This strategic pivot is accompanied by a supportive regulatory framework, potentially positioning Russia as a major cryptocurrency producer and exporter. Despite the Russian Central Bank's historical skepticism towards Bitcoin, the current trajectory suggests a more open stance, fostering a conducive environment for mining operations and cryptocurrency adoption.&nbsp;

Russia Surges to Second in Global Bitcoin Mining, Opens Mega Farm in Ethiopia

Ultramining_Eng

Other articles published on Feb 12, 2024

Bitcoin Nears $50,000 as Market Anticipates Crucial Resistance Test

South Korea Strengthens Crypto Exchange Regulations, What’s Next?

Next Cryptocurrency to Explode Monday, February 12 – Synthetix, Axie Infinity, MultiversX

Serious Dogecoin (DOGE) Problem Spotted On-Chain

The EU demands the detection of AI-generated content to protect the 2024 elections

XRP’s Market Response to Chiefs’ Super Bowl Win

Join our free newsletter for daily crypto updates!