Several countries, including the United States and Kazakhstan, have stepped up pressure on cryptocurrency miners. Increasing regulatory pressures, energy costs and tax burden are a few measures that discourage miners. Experts believe that in the next big migration of miners, Russia will be attractive enough to occupy up to 18% of the global bitcoin hashrate.
Russia, an increasingly attractive country for bitcoin
According to figures from January 2022, Russia accounted for nearly 4.7% of the global hashrate. The country thus occupies ranked fifth among top mining destinations. But according to an expert opinion relayed by bitcoin news, this figure could climb to 18%. In other words, the Russian Federation could become even more attractive for minors. The review comes from experts at Intelion Data Systems. It is a major Russian importer and distributor of mining equipment. According to these specialists, this event will occur during the next great migration.
We remember that in 2021, we witnessed a huge migration when the Chinese government decided to ban cryptocurrency transactions on its territory. According to Timofey Semyonov, CEO of Intelion Data Systems:
” Russia has every chance to change the existing hierarchy of the global crypto mining market. The country has everything for this: low cost of electricity, free capacity reservesenergy infrastructure developed in many regions. »
What this migration will cost Russia
It is well known that cryptocurrency mining consumes a lot of electricity. Precisely on this subject, Intelion experts believe that 18% hashrate will cost Russia 3.95 Gigawatts of electricity. At the current price, this equates to about 128 billion rubles, or about $1.7 billion. Russia will also have to establish a clear legal framework for cryptocurrency miners.
If the conditions are met, the country could attract 6% of the mining capacities of the United States, China, Canada as well as approximately half of the miners in Kazakhstan.
Discussions about strong crypto legislation are ongoing in the United States and the rest of the world. Waiting for, authorities continue to smash the miners and other players in the field. Will the laws protecting bitcoin miners be enough to retain those who wish to migrate?
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