Russian miners will certainly benefit from having a bit less mining power than the miners that have been used for over ten years. They will certainly need a bigger share to survive or make them a bit more profitable. But as you said that is far away from the truth. It is a long-term gamble that will likely only be possible if bitcoin is able to rise the price.
So, I don't think that is an exaggeration. However, many country-based miners will still be able to be profitable as long as they have a lot of electricity. At least, not to mention that, the prices of Bitcoin or Bitcoin-based goods are still expensive. If you know what I mean, it's not going to be an exaggeration.
Topic: Russia Ranked Second As Bitcoin Miners (Read 198 times)
In just concluded first quarter of 2023, Russia becomes 2nd most powerful BTC miner in the world generating 1 gigawatt mining power, after overtaking Kazakhstan.
No doubt, US remained in its position as the leading country with the most mining power, as it generates 3 to 4 gigawatt mining power.
Even with the current situations, Russia has proven that they can survive and make progress regardless of the situations.
what's your opinion ?
No doubt, US remained in its position as the leading country with the most mining power, as it generates 3 to 4 gigawatt mining power.
Even with the current situations, Russia has proven that they can survive and make progress regardless of the situations.
what's your opinion ?
One of the most ideal/profitable place to mine Bitcoin if the miners know what they are doing. I have thought they could set up alot of mining hardware in Siberia for example which seems to be one of the most coldest place in the world, and use the generated heat to keep the people warm.
the fact that Russia has been able to make progress despite the challenging situations they have faced is impressive. It is a testament to their resilience and ability to adapt to changing circumstances.
Overall, the growth of the cryptocurrency industry, including BTC mining, is something that will continue to be closely monitored by various countries and stakeholders. It will be interesting to see how this sector evolves in the future and what impact it will have on the global economy.
Overall, the growth of the cryptocurrency industry, including BTC mining, is something that will continue to be closely monitored by various countries and stakeholders. It will be interesting to see how this sector evolves in the future and what impact it will have on the global economy.
Russia has become a significant player in the Bitcoin mining industry, with a reported 1 gigawatt of mining power in the first quarter of 2023. This is a testament to the country's ability to adapt and innovate in changing circumstances. However, while Russia's emergence as a significant Bitcoin mining player is notable, it's essential to consider the industry's broader context and potential challenges.
They've got vast land masses, climate is good and they've got the resources so why they won't be taking advantage of those factors for them not to start mining. With economic sanctions that they've got right now, good thing that bitcoin and the crypto market is there. But then, having BRICS is going to make them recover somehow but that's another different topic.
I've just realized now that with all of those government scares about not liking bitcoin, we're just finding it out that these countries that have mentioned such bans before including Russia, is rank as the 2nd biggest miner.
I've just realized now that with all of those government scares about not liking bitcoin, we're just finding it out that these countries that have mentioned such bans before including Russia, is rank as the 2nd biggest miner.
In just concluded first quarter of 2023, Russia becomes 2nd most powerful BTC miner in the world generating 1 gigawatt mining power, after overtaking Kazakhstan.
No doubt, US remained in its position as the leading country with the most mining power, as it generates 3 to 4 gigawatt mining power.
Even with the current situations, Russia has proven that they can survive and make progress regardless of the situations.
what's your opinion ?
No doubt, US remained in its position as the leading country with the most mining power, as it generates 3 to 4 gigawatt mining power.
Even with the current situations, Russia has proven that they can survive and make progress regardless of the situations.
what's your opinion ?
Russia possesses huge territories up north, including Siberia and as we all know, the colder it is outside, the less you have to spend on cooling. That's one of the reasons Bitcoin mining is so popular there. And I've also heard people living far north are getting an electricity discount from the federal government of Russia. Dirt cheap electricity, no or little artificial cooling - what else could a miner wish for?
Good development
Indeed, Russia generates large amount of power and they have good facilities for bitcoin mining.
The Cold Climate Condition there is also a major advantage. Even with the war saga, they are still making achievements.
Russia will also overcome USA and be on top soon. The war is just making them slow to be on top. Indeed, Russia generates large amount of power and they have good facilities for bitcoin mining.
The Cold Climate Condition there is also a major advantage. Even with the war saga, they are still making achievements.
As you can understand Russia is a big country with perfect condition for mining bitcoin. The electricity is cheaper than USA, so when the war comes to an end they will overtake USA for sure.
Good development
Indeed, Russia generates large amount of power and they have good facilities for bitcoin mining.
The Cold Climate Condition there is also a major advantage. Even with the war saga, they are still making achievements.
Indeed, Russia generates large amount of power and they have good facilities for bitcoin mining.
The Cold Climate Condition there is also a major advantage. Even with the war saga, they are still making achievements.
My opinion about the growing Russian Domination in Bitcoin mining has potential geopolitical implications. As Bitcoin continues to gain acceptance and adoption, countries with significant mining power may have more influence in shaping the future of the cryptocurrency. This has the potential to give Russia more leverage in global discussions and negotiations involving Bitcoin.
That's not how decentralized networks function, most of the mining hashrate coming from a particular country does not mean that country has any influence on BTC, it is either the country accepts or ban mining, that's the limit to their power or say in it, if they accept mining, and they have cheap energy, many miners would mine there and more would migrate to the country, but if they ban mining, miners would move out, some will shut down and others will mine secretly.What kind of global discussions or negotiations regarding BTC are you talking about, do you mean summits or meetings where world leaders decide on regulatory framework for BTC? You think Russia would be in support of BTC in summits like this. Centralized governments only support what they can benefit from, and BTC is decentralized and can't offer anything to them, so they rather be neutral or be against it.
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I think that's kinda natural. This is a big country, they are under a lot of sanctions and crypto demand is rising. Is it dangerous? Perhaps. Can we do something about it? I don't think so.
Why do you consider this as dangerous? Maybe someday they will generate more than 50% hash power? OP has shared that the US is generating 3-4x times more than Russia. Then why the US isn't dangerous in the first place? lol.Source??
Maybe you didn't read all the replies. You could find the source in 2nd reply of the topic- https://www.themoscowtimes.com/2023/04/07/russia-becomes-worlds-second-largest-crypto-miner-a80749Quote
maybe there is one or two group move their rig to russia beside that China the manufacturer of ASIC seems close with russia
If I can remember correctly, I have read a few articles on such news but can't remember exactly. 
Source??
But if this true I don't to much surprise abundant energy cheap electricity and there is no much regulation about crypto mining. Seems perfect location and after US newly purposed regulation about crypto miner - U.S. Treasury Department Proposes 30% - https://www.coindesk.com/policy/2023/03/09/us-treasury-department-proposes-30-excise-tax-on-crypto-mining-firms/
maybe there is one or two group move their rig to russia beside that China the manufacturer of ASIC seems close with russia
But if this true I don't to much surprise abundant energy cheap electricity and there is no much regulation about crypto mining. Seems perfect location and after US newly purposed regulation about crypto miner - U.S. Treasury Department Proposes 30% - https://www.coindesk.com/policy/2023/03/09/us-treasury-department-proposes-30-excise-tax-on-crypto-mining-firms/
maybe there is one or two group move their rig to russia beside that China the manufacturer of ASIC seems close with russia
I am not surprised at this, Russia is taking every advantage to see that they can survive without the western world. They have chose to be more bitcoin friendly due to the sanction they have. Going more into mining will help them benefit a lot and they can use bitcoin for international business since it is secured. Moreover, the country has abundant power supply,which makes electricity to be cheap and their weather is always cold which is good for mining. It safe cost of cooling ASIC. I guess as time goes,they might over take the US who is seeing bitcoin as a big problem to them.
I'm following the link Poker Player provided, and based on the info there I want to say that if it's Russia reporting on its own media services based on the report of its own Russian mining provider (Bitriver, a company that has a whopping 14 reviews on Google Maps), I don't see why this info should be taken seriously. Russian media are full of fakes, and this piece can be one of those, trying to show that Russia is strong and successful at least in something in the world, just to project strength for the foreign and domestic audiences. As for more reputable sources, the Cambridge Bitcoin Electricity Consumption Index was last updated in January 2022, which was a pretty long time ago.
This is to be expected. I think that we are now past the tipping point of banning Bitcoin and instead it becoming a space race for who can take the most hash rate for the sake of generating the most future national income. Imagine if Bitcoin becomes worth $10,000,000 after the next halving following the one upcoming. $1.375 million per block at a rate of $10,000,000 per bitcoin would mean:
- $1.375 billion per 1000 blocks generated
- $1.375 billion per 1000 blocks generated
After the next halving the reward will be 3.125 and then 1.5625 where did you get the 1.375?
At BTC at $10,000,000 the reward per 1000 blocks will be 15.625 billion, not 1.3!
My opinion about the growing Russian Domination in Bitcoin mining has potential geopolitical implications. As Bitcoin continues to gain acceptance and adoption, countries with significant mining power may have more influence in shaping the future of the cryptocurrency. This has the potential to give Russia more leverage in global discussions and negotiations involving Bitcoin.
Lol, leverage in what?
You would still invest in Bitocin if a country run by a dictator that likes to exterminate its neighbors would have a say in Bitcoin?
The moment Putin would be able to influence Bitcoin is the moment you can dump it in the toilet as it would be no different than fiat!
My opinion is that although you have not copied and pasted the information as is, so you have not plagiarized, for the next time you give such information it is better to cite the source, which in this case can be for example:
Russia Becomes World’s Second-Largest Crypto Miner
Russia Becomes World’s Second-Largest Crypto Miner
Really poorly written article, who compares the hash rate based on consumption?
One Gigawatt could power less hashrate than 300MW if it's used by older models, it's 100W per TH/s for the S9 and 20W for the S19XP.
This was predictable, since there are regions in the starn where electricity is very cheap, so many miners use this.At the same time, there are still problems with the regulation of cryptocurrencies in the country. Rumors have been circulating for quite a long time that they will create their own state-owned crypto exchange,which will be regulated by the government and laws.It is interesting what will come of this in the end.
This is to be expected. I think that we are now past the tipping point of banning Bitcoin and instead it becoming a space race for who can take the most hash rate for the sake of generating the most future national income. Imagine if Bitcoin becomes worth $10,000,000 after the next halving following the one upcoming. $1.375 million per block at a rate of $10,000,000 per bitcoin would mean:
- $1.375 billion per 1000 blocks generated
- $13.75 billion per 10000 blocks generated
- $137.5 billion per 10000 blocks generated
The United States has already submitted to Bitcoin by imposing the 30% tax on mining, validating the switch from banning to support. As miners leave to countries with less tax, the US will have to reduce their tax further to try and keep miners within the country. In my opinion, it's only a matter of time before government sponsored mining operations become a part of the network.
- $1.375 billion per 1000 blocks generated
- $13.75 billion per 10000 blocks generated
- $137.5 billion per 10000 blocks generated
The United States has already submitted to Bitcoin by imposing the 30% tax on mining, validating the switch from banning to support. As miners leave to countries with less tax, the US will have to reduce their tax further to try and keep miners within the country. In my opinion, it's only a matter of time before government sponsored mining operations become a part of the network.
It doesn’t surprise me, Russia probably see the US beginning to make things slightly difficult for miners & investors regarding bitcoin. Russia probably thinks if the US becomes hostile to bitcoin adoption they can seize an advantage by becoming bitcoin friendly. We all know that China banned bitcoin but I’ve been reading lately that Hong Kong has started to think about State Owned exchanges so maybe as part of a NWO Russia & China are planning to become crypto friendly in an attempt to become the world super powers.
Yeah, they will have to find a way as well to stay afloat in their war with Ukraine, so they might as well take advantage of their cheap and renewal energy to mine bitcoin.
And who knows, this could be state sponsored in the future, meaning they could be as friendly to bitcoin as anyone has been specially bitcoin mining since China has ban it already. So win win for them if they become the next bitcoin mining hub.
It doesn’t surprise me, Russia probably see the US beginning to make things slightly difficult for miners & investors regarding bitcoin. Russia probably thinks if the US becomes hostile to bitcoin adoption they can seize an advantage by becoming bitcoin friendly. We all know that China banned bitcoin but I’ve been reading lately that Hong Kong has started to think about State Owned exchanges so maybe as part of a NWO Russia & China are planning to become crypto friendly in an attempt to become the world super powers.
In just concluded first quarter of 2023, Russia becomes 2nd most powerful BTC miner in the world generating 1 gigawatt mining power, after overtaking Kazakhstan.
Seing this shouldn't be a much surprise again because Russia has been well known for active participation in bitcoin over time andthat does not affect it decision even as well as during the impeding sanction it's facing already, bitcoin has always been a freedom of expression to use, some assume China to be the leading, seing some recent post from members without knowing that there are more countries better in performance of this than the banned region like China, Kazakhstan is a good example of where bitcoin miners are concentrated much.
Russia Becomes World’s Second-Largest Crypto Miner
I believe that with the policy line that the USA is taking, it will probably lose the status of first miner over time, as the trend is towards more taxes, more regulations and a policy that hinders the production of energy itself, thus making it more expensive. Russia could take advantage of this due to its vast reserves of energy raw material and eventually become the first.
Miners have their businesses but they don't have to stay at any location and nation because of any lifespan contract. All are temporary and they are flexible on where they locate their mining farms. If they feel the local government and / or electricity source is no longer friendly and cheaply with their operations, they will switch to other locations and nations.I believe that with the policy line that the USA is taking, it will probably lose the status of first miner over time, as the trend is towards more taxes, more regulations and a policy that hinders the production of energy itself, thus making it more expensive. Russia could take advantage of this due to its vast reserves of energy raw material and eventually become the first.
Since the Mining Migration by China Mining Crackdown, many big farms move to neighbourhood nations like Kazakhstan which becomes one of biggest nations for Bitcoin Mining and the USA. Now and in future, if regulations on Mining change in USA. like USA Mining Crackdown, miners will move to other nations.
Data on mining and where miners come from are not correct because we can not know where they are actually from just base on their IP addresses.
Many Assumptions in methodology of CBECI's data collection
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