Bitcoin

Impact

<ul>
<li><strong>Russia now 2nd largest Bitcoin miner in the world.</strong></li>
<li><strong>U.S. remains top Bitcoin mining country with a mining capacity of 3-4 GW.</strong></li>
</ul>
<hr />
<p>Russia has made significant strides in the <a href="https://www.ethnews.com/bank-of-russia-plans-to-use-bitcoin-and-ethereum-for-cross-border-deals-creating-new-opportunities-for-the-industry/">Bitcoin</a> mining industry, as it recently surpassed Kazakhstan to become the second-largest Bitcoin mining power globally. As per data from Bitriver, a Russian mining company, Russia generated one gigawatt of mining power in the first quarter of 2023, bringing it up to the second spot in the world.</p>
<p>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.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-12773 size-full" src="https://www.ethnews.com/wp-content/uploads/2023/04/mining-market-share-1024x604-1.jpg" alt="" width="1024" height="604" srcset="https://www.ethnews.com/wp-content/uploads/2023/04/mining-market-share-1024x604-1.jpg 1024w, https://www.ethnews.com/wp-content/uploads/2023/04/mining-market-share-1024x604-1-300x177.jpg 300w, https://www.ethnews.com/wp-content/uploads/2023/04/mining-market-share-1024x604-1-768x453.jpg 768w, https://www.ethnews.com/wp-content/uploads/2023/04/mining-market-share-1024x604-1-696x411.jpg 696w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<h2 id="russian-overtakes-kazakhstan">Russian Overtakes Kazakhstan</h2>
<p>In the past, Kazakhstan was the second-largest miner of Bitcoin. However, Russia surpassed both the US and Kazakhstan in new mining capacity by the end of 2021. By the end of the <a href="https://www.ethnews.com/breaking-russia-embraces-bitcoin-and-ethereum-for-international-trade-and-cbdc-development/">first quarter of 2023</a>, Russia had overtaken Kazakhstan as the world&#8217;s second-largest Bitcoin mining power.</p>
<h2 id="regulatory-changes-affect-rankings">Regulatory Changes Affect Rankings</h2>
<p>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&#8217;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.</p>
<h2 id="impact-of-regulatory-changes">Impact of Regulatory Changes</h2>
<p>The regulatory environment in a country plays a vital role in determining the future of the cryptocurrency industry. In Russia, the government has been relatively <a href="https://www.ethnews.com/russian-hackers-indicted-by-mueller-allegedly-used-bitcoin-to-purchase-servers-domains/">supportive</a> of the cryptocurrency industry. The country&#8217;s energy resources and cold climate have made it an ideal location for miners. In contrast, China, which was once the dominant player in Bitcoin mining, has seen a significant crackdown on the industry, leading to a decline in the country&#8217;s mining capacity.</p>
<h2 id="conclusion">Conclusion</h2>
<p>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&#8217;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.</p>
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Bitcoin: Russia Emerges as Second Largest BTC Mining Power, Challenging US Dominance

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