Russia Tripled Demand for Mining Equipment in One Year
According to local media reports, Russia’s demand for Bitcoin mining equipment will triple from 2023 to 2024. The country’s mining industry previously existed in a legal gray area but is now becoming more widely accepted.
Despite mining bans in several Russian regions, the government is clearly increasingly interested in cryptocurrencies.
Russia Has New Mining Industry and New Cryptocurrency Interest
According to the report, Cryptocurrency Mining in Russia have benefited from Relax regulatory standardswhich transformed the industry from a legal gray area into a booming business opportunity.
There have been obvious Increase in the country’s mining output It’s been a few months, but this high demand has helped quantify growth.
“Individuals can mine cryptocurrencies without being included in the register, but within the limits of the electricity standards (6,000 kWh per month). Above this standard, citizens must register as individual entrepreneurs and apply for inclusion in the register ” claim Sergey Bezdelov, director of the Industrial Mining Association.
Russia once had A complex relationship with the crypto space recent. on the one hand, President Putin acknowledges Bitcoin’s use cases in several key areas and even countries Advocate for other BRICS members Adopt digital assets.
However, Russia also Issue temporary mining ban The one in October Significant expansion a few months later. The reason for these bans is simple: the electrical grid in the affected areas is not developed enough.
Elsewhere in Russia, cryptocurrency mining remains a “good source of additional income.” This demand reflects an interesting trend in wider society, as local reports indicate growing trust among businesses and private citizens.
Also, the latest Research It shows that Russia accounts for as much as 26% of international cryptocurrency exchange traffic. Russian citizens have the strongest influence on Bybit and have more users on HTX and Bitfinex than any other country. In other words, this new interest is a statistic that can be clearly quantified.
Ultimately, if Russia becomes more receptive to cryptocurrencies, this mining industry is poised to grow. Even if some areas are off-limits for the foreseeable future, acceptance is growing at the grassroots and at the highest levels of power.
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