By the end of the first half of 2023, Russia shows almost the same growth rate of cryptocurrency mining as the U.S.. CEO and founder of BitRiver Igor Runetz made the statement.
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BitRiver: Russia is catching up with the U.S. in the speed of mining development
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The amount of electricity consumed by miners in the U.S. has exceeded 4 GW, while in Russia it is at about 2 GW. Russian industry is rapidly catching up with American industry, the company concludes. The trend is associated with the development of mining in Russia and a decrease in activity in the United States.
“Even last year, the U.S. mining market showed significantly higher growth rates than the Russian. Now we are recording at least a leveling of these indicators and a huge increase in demand for cryptocurrency mining in Russia,” says the businessman.
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The Russian mining industry, as the speaker put it, “is at a breaking point.”. The global cryptocurrency mining market is expected to continue to grow at a high rate in the coming years:
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“Perhaps by the end of 2023, we can talk about outpacing the growth rate of the U.S. market.”
Chinese demand for mining services in Russia has been growing since 2023, the company said.
“The key jurisdiction for Chinese miners placing new orders is becoming Russia, not the United States,” the BitRiver CEO claims;
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Meanwhile Anatoly Aksakov, head of the State Duma Committee on Financial Markets, said that cryptocurrency mining in Russia may not become legal before 2024. They wanted to pass the laws earlier, but they were postponed until the consideration of bills on administrative and criminal liability in the field of mining and cryptocurrencies. Miners may be forced to report their income to the tax authorities. There could be sentences of up to four years in prison for refusal.