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.

Accoridng 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.