The Russian mining industry continues to grow. Led by Bitriver, Russia has now risen to the top 3 in the world.
Russian mining, how many GW?
According to the miner Bitriver, Russia would rank second in the world in terms of mining power (1 GW). The United States is in first place with nearly 4 GW.
Other Bitriver top 10 countries are Gulf States (700 MW), Canada (400 MW), Malaysia (300 MW), Argentina (135 MW), Iceland (120 MW), Paraguay (100-125 MW), Kazakhstan (100 MW) and Ireland (90 MW), reports the site Kommersant.
However, this ranking does not take into account China, which nevertheless controls around 20% of the hahsrate. This is much less than in 2021, when the Middle Kingdom was home to approximately 60% of the hashrate.
Remember in passing that it is Chinese companies like Bitmain and MicroBT that produce most of the mining machines. Most miners use Antminers made by Bitmain.
Don’t miss our article reviewing all the major miners in North America:
According to BitRiver, this positive dynamic is due to the restrictions that have hit Kazakh and Chinese miners. The reason is electricity shortages. In particular, the parliament of Kazakhstan has introduced licenses in order to protect the national electricity network. Iran does the same to avoid blackouts in the summer.
Bitriver CEO Igor Runec believes that the development of mining in the United States has slowed down due to “rising electricity prices”.
“In addition, the vast majority of equipment was purchased on credit, so many overleveraged companies are bankrupt or have already gone bankrupt. “, he said two weeks ago.
New migrations of minors?
Roman Nekrasov, co-founder of the ENCRY foundation, says the whole industry has its eyes on the decisions of US regulators. Indeed, the bill to increase electricity taxation for American miners could trigger an exodus similar to that of 2021 in China.
R. Nekrasov also notes that Chinese regulators seem less hostile towards bitcoin miners. In other words, the world hashrate map may be turned upside down again in the coming years.
Rather, Russian industry is expected to grow given the low cost of electricity and the favorable cold climate.
“certains regions are highly profitable for the bitcoin industry in terms of electricity prices,” forward Alisa Tsukanova (EMCD).
“These regions (Irkutsk, Sverdlovsk, Krasnoyarsk and others), in addition to low electricity costs, have a favorable climate, making additional investments for cooling unnecessary. “, she explained.
[Notre article sur le refroidissement par immersion : Le Futur du mining]
Beware, however, of the Bitcoin regulation bill currently being studied by the Duma, warns Mikhail Brezhnev, co-founder of 51ASIC.
“Balanced legislation will make it possible to plan operational and financial activities, develop and implement major projects and attract investment”hopes for his part the CEO of Bitriver.
It is no surprise that miners from a country disconnected from the SWIFT network, amassing gold for years and benefiting from huge surplus energy sources, moved into the top 3 in the world.
With the additional blessing of the Ministry of Energy and the Kremlin. Here is an old speech by Vladimir Putin in 2022:
Meanwhile, in France, EDF is running Ethereum nodes…
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