Russia Ranked Second As Bitcoin Miners

[Blurr007]

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 ?

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[pooya87]

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.

[Poker Player]

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.

[Who is John Galt?]

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.

[kizlod]

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.

[paid2]

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

[Lamkuthang]

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.

[Jawhead999]

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.

[Smartprofit]

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).

[tbct_mt2]

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.

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

[348Judah]

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.

[DeathAngel]

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.

[Jating]

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.

[BenCodie]

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.

[nimogsm]

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.

[stompix]

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

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

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. 

[kryptqnick]

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.

[Merit.s]

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.

[dansus021]

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

[Little Mouse]

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-a80749

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.