Russia Just Became Second-Biggest Crypto Miner After The US
Russia is making headlines again, according to the latest reports. Check out the new details below. Russia is now the second biggest crypto miner Accoridng to the latest reports, Russia has reportedly emerged as the seco...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Russia is making headlines again, according to the latest reports. Check out the new details below.
Russia is now the second biggest crypto minerAccoridng to the latest reports, Russia has reportedly emerged as the second-largest Bitcoin (BTC) miner of all countries around the world, while the United States continues to sit at number one.
According to a new report by Russian news publication Kommersant, Russia’s first-time rise to second place comes amid regulatory uncertainty in the US. It’s important to note the fact that this could soon shake up the rankings.
“Russia has risen to second place in the world in cryptocurrency mining. The United States remains the leader. However, the uncertainty in the regulation of cryptocurrencies there may trigger a new redistribution of the market.”
Kommersant also notes that just like in the US, Russia is also facing regulatory uncertainty. This has been happening in crypto and the mining industry.
“However, in Russia, in general, the legal framework for miners has not yet been developed, experts emphasize. In addition, sanctions risks are growing both in relation to Russian players and their counter-parties abroad.”
The online publication the Daily Hodl notes the fact that the ranking is based on power usage involved in crypto mining operations, and cites data from Bitriver, Russia’s largest mining provider.
According to Bitriver CEO Igor Runets, the American mining industry now faces headwinds by “rising electricity prices, reduced profitability, tax troubles, and over-leveraged mining businesses.”
It’s been also revealed the following:
“In addition, the vast majority of equipment was purchased by American miners on credit, so many over-leveraged companies are in the process of bankruptcy or have already gone bankrupt.”
Regarding the crypto markets today, at the moment of writing this article, BTC is trading in the green, and the king coin is priced at $27,317. Stay tuned for more details about the crypto prices.
Why this matters
This mining story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Bitcoin Hashrate Reclaims One Zettahash As Mining Competition Rebounds
TL;DR: BlocksBridge reported Bitcoin’s seven-day hashrate above one zettahash in the week to October 22. Mining competition has re...
NIP Group Signs Bitcoin Miner Purchase To Add 4.47 Exahash Of Capacity
TL;DR: NIP Group has agreed to purchase already deployed Bitcoin mining machines with about 4.47 EH/s of hash rate, subject to clo...
Bitdeer Reports 1,355 Bitcoin Mined In September While Building AI Capacity
TL;DR: Bitdeer says its September Bitcoin production reached 1,355 BTC, highlighting the miner’s expanding hash rate alongside sep...
SEC Examiners Set Sights on Tokenization at Clearing Agencies for Fiscal 2027
The SEC’s Division of Examinations has named tokenization among the “high-risk areas” its staff will focus on when examining clear...
Securitize Brings 12 U.S. Stocks to Solana With 1:1 Backing and U.S. Investor Access
Key Takeaways: Securitize has added 12 U.S. stock tokens to Solana, such as Apple, Nvidia, Tesla, Microsoft and Amazon. The backin...
Tether Wins Mining Industry Support For Its Open Automation Toolkit
Tether is trying to make Bitcoin mining equipment easier to operate as one system. Its October 24 announcement brings 15 industry...