Russia took third place in the world in bitcoin mining - page 2.

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Quote from: zasad@ on October 13, 2021, 10:35:44 AM

Russia took third place in the world in bitcoin mining

Russia came third in the world in bitcoin mining - according to data from the University of Cambridge, the country's share in the total computing power of miners reached 11% in August, compared with 6.8% in April.

Read more on RBC:
https://www.rbc.ru/crypto/news/6166cf219a794795164d04a8

https://cbeci.org/mining_map

So China is now at zero in mining? Well, I am believing that next year we are going to see the rate increase in Russia, though that would be depending on how favorable it is for mining companies to work there.One of the major determinants of whether these companies would continue to grow at rate there is electricity; if the payment for electricity is not too much there, then a lot of mining companies would like to setup their mining farms in Russia.

China used to be one of the top choice of miners because of the cheap electricity, but things have changed this time around. It’s not much of a surprise to me that US is on top of this list, because it has been one of those places that has allowed cryptocurrency to keep growing.

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Finally, China gets 0 (zero) percentage, which looks very different from previously. While US is leading because China has no longer a part of the countries that contribute to Bitcoin mining. What I am thinking now is 'Will China revise the decision of BAN Bitcoin?'. If they plan to revise it, there is a chance for Bitcoin miners to go to China again. Or they will ignore it because of the bad story in China previously.

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Quote from: masterrex on October 15, 2021, 09:59:27 AM

IMO, That data is telling us that Russia is not hostile against Bitcoin, unlike those written in the articles and portrayed Russia as anti-Bitcoin, imagine rank third in a global Bitcoin mining operation that's something to be proud of. unlike China which is very hostile against Bitcoin and cryptocurrency in general which is I believe a backward policy, while the US is on top of the ladder that's why Im very confident that cryptocurrency operation in the US will remain safe and sound in the years to come.

For now, US remain to be more neutral between fiat and bitcoin and there are no serious bans being noted. But they have restrictions when it comes to crypto because the government remains to be pro fiat knowing its centralized. But when we talk of major exchanges and even bitcoin atm machines, US tops it all but the thing that we are mostly looking forward to is the adoption of bitcoin as a payment method wherein there's no signs of granting it. Hopefully, things will be realized in the future as bitcoin has already been adopted in some big countries that have positive outlook on bitcoin.

masterrex

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IMO, That data is telling us that Russia is not hostile against Bitcoin, unlike those written in the articles and portrayed Russia as anti-Bitcoin, imagine rank third in a global Bitcoin mining operation that's something to be proud of. unlike China which is very hostile against Bitcoin and cryptocurrency in general which is I believe a backward policy, while the US is on top of the ladder that's why Im very confident that cryptocurrency operation in the US will remain safe and sound in the years to come.

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Quote from: zasad@ on October 13, 2021, 10:35:44 AM

Russia came third in the world in bitcoin mining - according to data from the University of Cambridge,

I think it might be worth having a look at the original data, I think I didn't see in this thread:

(just click on the images to go to CBECI.org website and have the full picture)

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Quote from: Imran232 on October 14, 2021, 12:17:27 PM

Honestly, I was thinking about why Russia hadn't announced it yet. El Salvador announced bitcoin legality in their country, but Russia is still silent. Because we all know that Russia is the world's most advanced country in the cyber world and the technical world. And they have the world's strongest, most powerful and intelligent cyber experts. And this is proof that they can be the first to use any advanced technology in their country. But in this case, I am a little sad that Russia is in a third line to take the green light on bitcoin legality. Since they were the first, I wasn't surprised. Though Russia already had lots of crypto projects, And I am not wrong. The bip/minter blockchain network is a research-based crypto project. Where a large number of Russian crypto currencies are created.It's another wake-up call for those countries that still prohibit it.Now congratulations to all our Russian friends. Now you guys get full freedom to do what we want in our country too.

You totally mixed up everything that could be mixed up, this topic is about Russia being reportedly third in the world when it comes to Bitcoin mining - not about some kind of Bitcoin legality or anything to do with Bitcoin being declared a legal tender like this is the case in El Salvador.

Russia most advanced in what, hacking and amount of crypto scam? What kind of technologies and projects are you talking about?

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Quote from: hd49728 on October 13, 2021, 10:57:18 AM

Russia Has No Plans to Ban Bitcoin Like China, Says Deputy Finance Minister. The source is that report.

The growth of Bitcoin mining in Russia and the public confirmation that the nation does not have plans to ban Bitcoin. We can clear the FUD from Russia and now China is the unique nation with FUD of ban, crackdown, restrictions on Bitcoin. Exclude China, things are good for Bitcoin globally.

Despite of this miners in Russia need to remain on guard, we know that Russia and China are allies so I will not be surprised if in the future they decided to change their mind and then miners needed to relocate themselves once again.

With that being said the controls Russia establishes on their citizens are not as stringent as what we see in China so it is possible an scenario like this is not going to happen for a some time, and if the profits they bring in the form of taxes to the government keep increasing then it is likely the industry could be left to their own devises and it could flourish for a long time.

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Quote from: zasad@ on October 13, 2021, 10:35:44 AM

Russia took third place in the world in bitcoin mining

Russia came third in the world in bitcoin mining - according to data from the University of Cambridge, the country's share in the total computing power of miners reached 11% in August, compared with 6.8% in April.

Of course this is positive news. Ranking third for Russia is a great achievement as they didn't narrow the crypto space there. I strongly support if Russia will proceed to a level of policy that provides more concessions for Bitcoin in white bear land, but not with Bitcoin bear market 9 that's just a nickname) Lol Grin

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Quote from: ziyaaa on October 14, 2021, 03:04:07 PM

This is really interesting statistics. China actually had the most percentage once but they decided to impose a complete ban on the any kind of activities related to cryptocurrency mining. And now, we see it is 0%. Miners in China started to shift their work to other countries in the world. And it looks like Russia has accepted many of these miners.

China placing a ban on Bitcoin mining resulted to Russia been in the third position in mining of Bitcoin. And also, the Russian President Putin, said Bitcoin can be used as a payment method in an interview with CNBC. But, Bitcoin mining can have an effect on the Electricity of Russia. The Irkutsk region in Russia have complained that there is an increase in their Energy consumption by 156% compared to that of last year, and therefore urge miners to pay more for electricity.

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This is really interesting statistics. China actually had the most percentage once but they decided to impose a complete ban on the any kind of activities related to cryptocurrency mining. And now, we see it is 0%. Miners in China started to shift their work to other countries in the world. And it looks like Russia has accepted many of these miners.

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Quote from: taufik123 on October 14, 2021, 01:06:26 PM

Mining activity in Russia is very dense. Especially when the Chinese minners started moving to Russia because they were expelled from China and scattered in several countries including Russia.

Currently Russia is a miner's paradise because they are free to build mining sites without fear of government bans.
But the problem in Russia is the theft of mining equipment which is currently rife. Many mining machines were stolen. This happens because the mining rig machine is very promising for mining bitcoin.

What i like the most in Russia is that despite its intensive activity in the crytpocurrency ecosystem (blockchain business in generl) is that we don't hear too much about the authorities moves with same intensity toward crypto users. As we can conclude, the third place in mining industry is a considerable status, even though we don't know exactly if all who run a mining industry is a Russin entity or just greedy capitalists who enjoy the favorite location for mining without giving to Russia anything from thir earnings (except for taxes that will be paid in local currency RUB) .

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Quote from: Kakmakr on October 14, 2021, 01:59:11 PM

Well, I would have never guessed that...... Russia have had a real "on" and "off" relationship with Bitcoin over the years... with the different sections in government contradicting each other. Roll Eyes

Vladimir Putin (President of Russia) was very interested in the things that Vitalik Buterin (Canadian-Russian programmer) was doing with Ethereum.... so I guess it is not a big surprise.

https://www.bloomberg.com/news/articles/2021-10-14/putin-defends-cryptocurrencies-amid-global-regulation-push

Yes, in the interview to CNBC Vladimir Putin mentioned cryptocurrency can be used as payment gateway as well as on cross border transaction. In one side the cryptocurrency transactions were into restriction by respective authorities. On the other side a positive statement from Vladimir Putin make the market get pushed forward.

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Well, I would have never guessed that...... Russia have had a real "on" and "off" relationship with Bitcoin over the years... with the different sections in government contradicting each other. Roll Eyes

Vladimir Putin (President of Russia) was very interested in the things that Vitalik Buterin (Canadian-Russian programmer) was doing with Ethereum.... so I guess it is not a big surprise.

https://www.bloomberg.com/news/articles/2021-10-14/putin-defends-cryptocurrencies-amid-global-regulation-push

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Quote from: markdario112616 on October 13, 2021, 04:07:18 PM

No doubt, that in the near future they would be the first and on top of USA. Russia is open for innovation and somehow their Government is supporting the growth of Bitcoin in their country. This is quite uplifting but still, there should be no competition in terms of innovation. Well, hoping that the recent issue with China opens a much bigger opportunity not only for these powerhouse countries.

I don't disagree with you about Russia being open to innovation but you need to put the US level of welcoming cryptocurrency mining, Bitcoin, and Blockchain summit before you judge about what will happen in the future. However, the only thing I believe will make the Russian lead the US is if the government change their stance toward cryptocurrency.

Having said that, Canada is the country I expect to be among the top 3 countries in the future but that's if they decide to offer their waste energy for crypto miners.

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Mining activity in Russia is very dense. Especially when the Chinese minners started moving to Russia because they were expelled from China and scattered in several countries including Russia.

Currently Russia is a miner's paradise because they are free to build mining sites without fear of government bans.
But the problem in Russia is the theft of mining equipment which is currently rife. Many mining machines were stolen. This happens because the mining rig machine is very promising for mining bitcoin.

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Quote from: zasad@ on October 13, 2021, 10:35:44 AM

Russia took third place in the world in bitcoin mining

Russia came third in the world in bitcoin mining - according to data from the University of Cambridge, the country's share in the total computing power of miners reached 11% in August, compared with 6.8% in April.

Read more on RBC

It makes sense really because Russia is able to draw on lots of energy resources and they have the sort of government that doesn't care about environmental pollution as long as they are getting paid substantially. It's also a relatively simple way for them to raise money while avoiding any sanctions on the country - Bitcoin is in high demand so they're able to sell it off in many places, often undetectable and make a nice income. It would not surprise me to see them slip into the second position soon, especially with a lot of hardware moving out of China since their recent ban, as it is a neighbor of China and that makes it even easier to move across.

Imran232

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Honestly, I was thinking about why Russia hadn't announced it yet. El Salvador announced bitcoin legality in their country, but Russia is still silent. Because we all know that Russia is the world's most advanced country in the cyber world and the technical world. And they have the world's strongest, most powerful and intelligent cyber experts. And this is proof that they can be the first to use any advanced technology in their country. But in this case, I am a little sad that Russia is in a third line to take the green light on bitcoin legality. Since they were the first, I wasn't surprised. Though Russia already had lots of crypto projects, And I am not wrong. The bip/minter blockchain network is a research-based crypto project. Where a large number of Russian crypto currencies are created.It's another wake-up call for those countries that still prohibit it.Now congratulations to all our Russian friends. Now you guys get full freedom to do what we want in our country too.

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Quote from: DapanasFruit on October 13, 2021, 10:32:17 PM

And it is now notable that USA is now on the top as it should be

Wut?

There is no "should" or "shouldn't" when it comes to who is on top. That's ideally decided by market forces and not petty notions of nationalism. It may be preferable to see governments which are less inclined to embrace authoritarianism showing higher up the charts, but I'm far from convinced that the US is trustworthy in that regard.

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Quote from: GreatArkansas on October 13, 2021, 08:50:14 PM

After the China crackdown on cryptocurrency especially Bitcoin mining, look at how Bitcoin's hash rate spread to other countries around the world.
I'm sad about China, hoping they will come back soon as we all know China is one of the best countries to do mining as they got cheap electricity. In next coming months, I am still expecting the US will still grow so much after this.

Its important that mining remain decentralized as compared to centralized (means its controlled by few big entities). It doesn't matter whether China or other big countries like or dislike bitcoin mining. Important thing from BTC perspective is that its miners are present in every country of the world.
Though I really doubt that China has zero mining now.

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Quote from: Lucius on October 14, 2021, 07:44:25 AM

If we leave all those percentages aside, do you think that it is positive that 2/3 of the miners are positioned in only 3 countries, and more than 1/3 in the US? Also, energy sources in all three countries are pretty dirty (especially in Kazakhstan), so I wonder what we've achieved with mining moving outside China - maybe some US investors are sleeping more peacefully now that they know the evil Chinese won't steal their Bitcoin?

For the percentage, highly possible.
I know for a fact that the few companies to release information about their finances in the US had somewhere in June at last 16 exa with a total order of 20 till the end of the year and 70 exa for the next. On top of those numbers add riot and blockstearm which might be the biggest players who are not saying how much they own.
And that is just the big guys, and the ones publishing stuff, we could easily double or triple those numbers, especially since more and more are getting gear.
On top of that, every single company was only mentioning new gear purchases, so again more to add.

I think at this point 30% would be a total understatement.

As for the dirty stuff, when bitcoin was mined in China it was mined with hydropower when China banned mining suddenly everyone said it was done with coal so the ban is good. The same poeple say now that Bitcoin got cleaner because it's mined in the US with renewables, pretty sure if the US bans mining too will say it's good for bitcoins in the US to use only coal and oil.Also, the ban will be good because the US can't centralize bitcoin anymore Grin

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