A recent Bloomberg publication notes that Russia is gradually becoming a significant player in the cryptocurrency mining market, catching up with Western competitors in terms of bitcoin production. According to EMCD CEO Michael Gerlis, miners from the Russian Federation, as well as their colleagues from CIS countries such as Kazakhstan and Uzbekistan, occupy key positions in the global hashrate due to favorable conditions. In particular, the cool climate of Siberia and affordable electricity allow for the efficient placement of data centers, which makes the region attractive for mining companies.
According to the data, Russia mined about $3.5 billion worth of bitcoins last year, approaching the results of the United States. Russia and other CIS countries are now among the top 5 regions in the world with the highest hash rate, which highlights the potential of Eastern Europe and Central Asia against the backdrop of an unstable global crypto economy. In 2024, Russian mining capacity will account for over 16% of the global hash rate.
According to Gerlis, one of the key reasons for the progress has been government support. In many countries, mining has received new attention from politicians and legislators. In the US, presidential candidate Donald Trump and Vice President Kamala Harris have openly discussed the importance of cryptocurrencies, while in Russia, Vladimir Putin also expressed a positive attitude towards bitcoin mining at a recent forum in Vladivostok. Such activity suggests the possibility of easing regulatory policies and the potential for full legalization of mining in the future, with mandatory taxation.
The specialist noted that there is another interesting trend on the market - the return of old equipment. Despite the regular increase in mining complexity and the availability of new ASIC devices, many miners are putting outdated equipment back into operation. This decision was made possible by cheap resources and the desire to increase the overall hashrate. This approach allows you to remain competitive even with less powerful equipment.
The changes also affected the strategies of mining companies. If previously mined bitcoins were sold almost immediately, now managers are increasingly adhering to the HODL strategy, expecting the rate to rise. Russian users are also increasingly saving their BTC on savings wallets in anticipation of another price increase after the US elections. Thus, Russia and the CIS countries can become the main centers of mining in the future, attracting investments and technological developments. For investors and miners, everything that is happening is a signal that starting bitcoin mining is still profitable and promising, especially in anticipation of new changes in the global cryptocurrency economy.
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