Russia Ranked Second As Bitcoin Miners - page 2.

Smartprofit

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Quote from: Blurr007 on April 07, 2023, 09:51:41 PM

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 ?

There are many opportunities for Bitcoin mining in Russia.

The country has many hydroelectric and nuclear power plants. This provides cheap electricity, the main resource for bitcoin mining.

Also, in most of the vast territory of Russia, the climate is very cold, which favors the efficient operation of mining farms (you can save on ASIC cooling). Therefore, bitcoin mining in Russia is actively developing.

Bitcoin can also be actively used to circumvent international economic sanctions (that is, Bitcoin begins to acquire the value of a strategic resource).

Jawhead999

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This is really interesting where Russia is friendly with Bitcoin and based on the article above US blacklisting crypto address associated with Russia, this mean people who live in Western regions need to beware if they've traded with Russia citizens, but there's no way to know it since no one will reveal if they're live in Russia.

SEC may taking more serious about no KYC exchange and mixer, probably next few months we will know what they will do.

Lamkuthang

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Quote from: Blurr007 on April 07, 2023, 09:51:41 PM

what's your opinion ?

It is very interesting to see Russia being the second most powerful BTC miner in the world, especially with the country's recent ban on cryptocurrency payments. This shows that despite regulatory challenges, the crypto industry is still thriving in Russia.

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.

Russia's rise as the second largest Bitcoin miner is a significant development for both the country and the cryptocurrency industry. This demonstrates the growing interest in Bitcoin mining and highlights the potential for other countries to become major players in the space. It will be interesting to see how this trend continues to develop in the coming years.

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Yeah that's not surprising. They have the perfect capabilities to organize very large scale mining. The climate is quite cooperative compared to the need for ASICs in terms of temperature, and above all, the electricity is really cheap.
I had wondered during the mining problems in Kazakhstan if iall the ASICs were going to end mining in Russia or not at this time.

I am really curious to see what consequences the changes in American law will have on the taxation of mining etc.. I wonder where all these ASICs are going to be hosted if things are not going well in the USA, Russia seems pretty good bet, but in some North Africa nations it's starting to open up on the mining issue and they have unbeatable power rates. I think that when the infrastructure will allows it, they will emerge

kizlod

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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.

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Quote from: Blurr007 on April 07, 2023, 09:51:41 PM

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 ?

Bitcoin mining depends not only on the capacity of power plants, but also on mining equipment, and equipment, most likely, as elsewhere, is supplied by China. Therefore, it is rather difficult to assess the progress of any country in an industry dependent on the supply of equipment from China.

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Quote from: Blurr007 on April 07, 2023, 09:51:41 PM

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 ?

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

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.

pooya87

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Bitcoin mining hashrate should technically increase in countries with the most amount of energy where the price of it is also super cheap. In other words if what you said is reliable, it is just an energy related natural growth which has little to do with the "situation".

In any case I have yet to see a solid work with reliable data that proves the percentage of hashrate coming from each country is what they say it is. So far the existing stats is disappointingly based on news hence it is either fake or unreliable.
For example the stats about US hashrate is mostly based on a fake news a while ago that "Chinese miners migrated to US after the ban" among other things whereas in reality the Chinese miners migrated to Kazakhstan and other countries in Asia and some to Hong Kong.
Or for example last year during summer a news came out that "Iran has banned mining during summer to prevent network overload" and then all these stats sites which pretend to report "reliable data" started reporting Iran's hashrate as zero while in reality that was just a news of a proposal that was never enforced hence the hashrate never really changed.

Blurr007

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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 ?

Topic: Russia Ranked Second As Bitcoin Miners - page 2. (Read 198 times)