Russia took third place in the world in bitcoin mining - page 3.

hd49728

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Quote from: fiulpro on October 13, 2021, 11:17:19 AM

Controlling the Mining farms would have meant that Chinese government would have controlled the *hash rate*, which is an important security factor.

They did not control mining farms. They only don't allow mining farms to run ASICs and mine Bitcoin this time.

Mining farms can turn off their ASICs or still run them but they have to do mining operations carefully and don't let governments know about that. I don't now mining farms will accept risk to do illegal mining activities this time or they actually turn off all of their ASICs.

However, Chinese governments can not control the hashrate because miners in China can move their ASICs to other countries
https://cbeci.org/mining_map

Lucius

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I agree with others who sincerely doubt the data presented, although I wonder what the margin of error is, and can we even claim that the US is now in the first place, and that Kazakhstan has suddenly become so popular for crypto miners?

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?

What to say about Russia in the context of Bitcoin, they change their minds on the subject more often than the weather forecast changes in some unstable weather periods - in the morning it is a beautiful sunny day, and then a storm appears that destroys everything in front of it. I just hope that Russia will not become the new China.

stompix

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Quote from: kryptqnick on October 14, 2021, 05:48:35 AM

How could they move so quickly? If China bans something, it doesn't mean people stop doing it. For instance, an estimated 1.3 million people use Facebook in China, even though it's banned. And China was never a leader with Facebook users, so there must be way more secretly operating miners (percentage-wise).

It's one thing to use a VPN to visit a site and a different thing to run a miner.
Let's take for example the smallest one that is still profitable, at 1400W it burns 1000kwh a month, the average per household in China is slightly above 1800kwh a year! How do you plan on hiding this?
Second, there is the noise, this is an s19 pro, it's rated at 75db, it's over the noise a vacuum cleaner does, so everyone in the building will know what you're doing.
So you have two problems and if you run this at your business you also need to trust your workers and employees.

And then there is the connection problem, you can hide behind a VPN for a quick peek at some websites but what happens when you need that VPN to be connected 24/7? The GWC is becoming smarter and smarter and will start flagging those IPs.
And this time the government is serious about it

davis196

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We should once and for all stop with all the "China is controlling Bitcoin" BS,which was repeated a gazillion times over the last few years.That was a complete BS.
It has been perfectly clear that the Chinese government never really cared about "controlling" Bitcoin.
Crypto mining in China was really small and insignificant,compared to all the other energy consuming industries.
When an energy deficit hit the Chinese economy,the first industry that was banned was crypto mining.
Unfortunately the FUDsters and the conspiracy theorists will begin with the new "Is Russia controlling Bitcoin?" type of BS.Maybe they might ask the same question about the USA or Kazakhstan. Grin

kryptqnick

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How legit is this data? I know Cambridge is a big deal, and Russia might be big on mining, of course, but it's very suspicious that there's nothing on China. I know about the restrictions and all, but I don't believe mining is simply gone there, just like that. How could they move so quickly? If China bans something, it doesn't mean people stop doing it. For instance, an estimated 1.3 million people use Facebook in China, even though it's banned. And China was never a leader with Facebook users, so there must be way more secretly operating miners (percentage-wise).

NeuroticFish

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

according to data from the University of Cambridge

As also said in the other similar topic, there's too big chance that the data is not accurate.
All the conclusions are based on statistical data and it may depend -a lot- what mining pools were giving them the data.
Also the "other" 8.9% is huge and can be anywhere. Even if (ad absurdum) added to Iran's percents can make that country get the 3rd place.

Yaunfitda

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Quote from: avikz on October 13, 2021, 11:31:56 PM

If I am not mistaken, Russia's finance ministry had said that they will bring some legislation that will bar the miners to receive their mining proceeds in cryptocurrency. While Russia didn't mention that they will ban mining activities but the crypto payments will still become illegal. A super contradictory law they have drafted already.

Ref: https://www.coindesk.com/policy/2020/09/03/russias-latest-draft-bill-would-still-largely-ban-crypto-stifle-miners/

Not sure what the future holds for the Russian miners but doesn't look great at all.

That's Russia for you, totally contradicting themselves, that's why news coming from them is not that reliable, unless with Putin who issued the statement, so as others have said, take everything with a grain of salt coming from Russian government.

So let's wait in the next couple of months, I also remember that they were supposed to build a mining facility way back in 2017-2018 timeline, not sure what happen to that idea.

zasad@

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Quote from: avikz on October 13, 2021, 11:31:56 PM

If I am not mistaken, Russia's finance ministry had said that they will bring some legislation that will bar the miners to receive their mining proceeds in cryptocurrency. While Russia didn't mention that they will ban mining activities but the crypto payments will still become illegal. A super contradictory law they have drafted already.

Ref: https://www.coindesk.com/policy/2020/09/03/russias-latest-draft-bill-would-still-largely-ban-crypto-stifle-miners/

Not sure what the future holds for the Russian miners but doesn't look great at all.

As a rule, newspaper articles about Russia do not show the real situation.
Russia has a huge shadow market, and if you do not want to legalize your income, then the law does not prevent you from doing it.
If you want to legalize income, then it is more profitable to do it in other countries, becoming their tax resident.

avikz

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If I am not mistaken, Russia's finance ministry had said that they will bring some legislation that will bar the miners to receive their mining proceeds in cryptocurrency. While Russia didn't mention that they will ban mining activities but the crypto payments will still become illegal. A super contradictory law they have drafted already.

Ref: https://www.coindesk.com/policy/2020/09/03/russias-latest-draft-bill-would-still-largely-ban-crypto-stifle-miners/

Not sure what the future holds for the Russian miners but doesn't look great at all.

peter0425

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But what took my attention is that Kazakhstan taking number 2? just now that i heard this country having that load of mining activities , though I'm sure this leads because China full banning of Mining in their territory .
now that miner scattered every part of the world and this will be the advantage and what China did opens opportunity to other countries gaining reputation for being miner.

electronicash

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Quote from: LUCKMCFLY on October 13, 2021, 10:47:07 PM

It is gratifying that Russia is accepting this activity, in fact the global hash rate of mining is increasing, and its fact that despite the fact that China banned mining, the options to migrate to other countries and go to practice this activity are are seeing very good results:

Quote

The decline in the price of Bitcoin has impacted the miners, but due to the reduction in competition, some entities are capable of mining more BTC. Therefore, their hashprice and profitability increase. The report added:

If Bitcoin makes another run this year at an all-time high, we’ll see USD-denominated hashprice break its yearly high of $0.41, especially if the fee market picks up (more on this later).

Source: https://bitcoinist.com/bitcoin-mining-metrics-continue-to-spike-in-most-profitable-year-ever/

From the optimistic point of view, these things help the price of BTC a lot, it is likely that it will continue to grow in price, but we have to wait, as long as the mining activity continues, the BTC will have even more value.

when prices go up, it's profitable. the more profitable the farmers are when electricity is cheap like in Kazakstan. this is good for US to take the place on top since China left. chinese miners fleeing from China.

if they could just remove that regulation plan and let it grow for now and let it be adopted by people, it will make the senators learn how it all works. and when they know how it works, they will eventually learn where they'd put their regulations in place.

LUCKMCFLY

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It is gratifying that Russia is accepting this activity, in fact the global hash rate of mining is increasing, and its fact that despite the fact that China banned mining, the options to migrate to other countries and go to practice this activity are are seeing very good results:

Quote

The decline in the price of Bitcoin has impacted the miners, but due to the reduction in competition, some entities are capable of mining more BTC. Therefore, their hashprice and profitability increase. The report added:

If Bitcoin makes another run this year at an all-time high, we’ll see USD-denominated hashprice break its yearly high of $0.41, especially if the fee market picks up (more on this later).

Source: https://bitcoinist.com/bitcoin-mining-metrics-continue-to-spike-in-most-profitable-year-ever/

From the optimistic point of view, these things help the price of BTC a lot, it is likely that it will continue to grow in price, but we have to wait, as long as the mining activity continues, the BTC will have even more value.

Kemarit

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Quote from: tulusikhlas on October 13, 2021, 02:38:13 PM

I've heard from several TV channels that Russia is also planning to create its own digital currency, the digital ruble, which they will soon launch at the end of this year. The Russian Association of Crypto Economy, Artificial Intelligence and Blockchain said that almost 1,100 megawatts of new power plants have been run for Bitcoin mining during 2021.

Weird, I thought that the Digital rubble has been launched already.

In any case I'm not surprised that bitcoin mining has now shift to Russia, it's a huge nation with lots of are that can be used and electricity that is cheap, plus the environment as well is really fitting to home hundreds if not thousands of asics and even used the heat to their advantage. So it's a win-win situation for small an huge bitcoin miners in Russia.

DapanasFruit

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I am glad to see China is now at the bottom getting zero share of the expanding Bitcoin mining market. And it is now notable that USA is now on the top as it should be...hope the current administration will take some value out of this new reality in this business and will do everything to protect it and make it flourish and never overburden it with so much regulations as there are now many states like Texas leading the way and already planning to use wasted power for mining. And I am hoping too that Russia will not let anything to kill the mining industry blooming in their territory which I heard has this especial zone for crypto-related business set-up. Venezuela will also be figuring soon as they are now starting to use geothermal power for mining and then I heard that Colombia will be using hydro power for mining business. In other words, we are booming...and that is without China on the scene.

GreatArkansas

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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.

markdario112616

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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.

tulusikhlas

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I've heard from several TV channels that Russia is also planning to create its own digital currency, the digital ruble, which they will soon launch at the end of this year. The Russian Association of Crypto Economy, Artificial Intelligence and Blockchain said that almost 1,100 megawatts of new power plants have been run for Bitcoin mining during 2021.

Shenzou

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I think that Russia could easily become the first if the rate keeps on going up, and that is due to the fact that it presents a safe haven for these kind of actions since laws are pretty much different from what they are in the us, and the fact that bitcoin mining has no specific law tied to it there, and people are not subject to taxes from it yet, makes me think that we will see this rate go up more and more.

bL4nkcode

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Quote from: fiulpro on October 13, 2021, 11:17:19 AM

Hopefully Russia can be more crypto friendly and the government would not impose heavy taxes on mining.

Yeah, hopefully, russia is one of the top powerhouse countries, while most of these countries accept bitcoin such US, japan, germany, only china (total ban) and russia (improving) is opposite while russia is slowly adopting it. About on taxation, I guess that percentage is just fine for a business that earn/profits millions annually.

fiulpro

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Controlling the Mining farms would have meant that Chinese government would have controlled the *hash rate*, which is an important security factor. Transactions would have been insecure and the whole network would have had crashed therefore I do think that it's a really good news that the russian government not only welcomed the miners but at the same time we did see that the recovery was extremely fast, like people were waiting for the opportunity.
-I do think it's an extremely good news which showed how it's not dependent on one person or one country, plus government can try as much as they want but they won't be able to control the cryptocurrencies like bitcoins.

China won't be able to influence the market anymore!! Plus won't even be scaring everyone with threats every one in a while.

Hopefully Russia can be more crypto friendly and the government would not impose heavy taxes on mining. Example regarding taxes taken from google ( IRS, US)

Quote

Mined cryptocurrency is taxed as income, with rates that vary between 10% - 37%. The IRS classifies mining income as self-employment income, and taxpayers may be responsible for self-employment taxes on mined income.Jun 3, 2021

Topic: Russia took third place in the world in bitcoin mining - page 3. (Read 475 times)