In the global Bitcoin (BTC) mining market, Russia has overtaken the US to take second place. Sanctions concerns and regulatory ambiguity in the US are to blame for this. The American mining industry is experiencing challenges as a result of rising electricity prices, declining profitability, tax issues, and over-leveraged firms. The ranking is based on the amount of power used in cryptocurrency mining operations. The Biden Administration has suggested levies that would be equal to 30% of the price of the electricity utilised in operations for mining digital assets.
Russia Becomes Second-Biggest Crypto Miner After the US As American Regulatory Landscape Shifts: Report
