Russia Ranked Second As Bitcoin Miners

[Z-tight]

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.

[Dartfroost10]

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.

[drwhobox]

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.
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.

[serveria.com]

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 ?

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?

[passwordnow]

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.

[worldofcoins]

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.

[Kgdktac]

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.

[Ucy]

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 ?

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.

[FUCKBSVFUCK]

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.