According to data from Bitriver, Russia has for the first time moved up to second place globally in terms of the total power capacity used to produce digital currency. This is as a result of Kazakhstan’s mining activity being reduced as a result of electrical shortages brought on by China’s crackdown on the sector. The U.S. leads the world in hashrate, but the decline in mining profitability, rising electricity prices, and elimination of tax incentives are slowing the expansion of the American market. With 800,000 ASIC miners and a combined power rating of 2.5 GW, data from the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) indicates that the energy capacity of Russia’s cryptocurrency mining industry may be considerably greater.
According to research released in August, between 2017 and 2022, a five-year period, Russian miners’ electricity use grew 20 times. However, given the absence of restrictions, its future is still uncertain.
