As per reports, after the United States, Russia is the second largest country in the world for cryptocurrency and Bitcoin mining, stated Cointelegraph. Reportedly, a change in the position can be expected due to the unclear crypto-based regulations in the United States.
Sources revealed that Kommersant and BitRiver, platforms providing colocation services for cryptocurrency mining operations, told in the first quarter of the year that the Russian Federation has gained the world’s second position in mining power, by having 1 gigawatt (GW) power, added Cointelegraph.
As reported by Cointelegraph, Russia ranked third in cryptocurrency mining at the end of 2021 as per the reports by The Cambridge Center for Alternative Finance.
Furthermore, it is expected by BitRiver that the improvement in the mining capacity of Russia can be related to the limitations implemented on the mining activities of China and Kazakhstan due to the less supply of electricity, Cointelegraph concluded.
(With insights from Cointelegraph)
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