The Russian Federation has secured second place in terms of cryptocurrency production volumes, behind the United States.#Kommersantreports with reference to#BitRiverdata:

“At the end of 2023, Russian miners produced 54,000 BTC; on average, up to 2.2 GW of capacity operated in the country (versus 1 GW in 2022). According to BitRiver, 1 MW of electricity spent on mining yields about 27 BTC per year.

For comparison, the United States mined 143,000 BTC during the period under review. The power they used reached 5.3 GW versus 3-4 GW in 2022.”

Director of the Industrial Mining Association Sergei Bezdelov expects the Russian cryptocurrency mining market to grow by 20-40% by the end of the year. At the same time, experts point to the difficulties of legislative registration of this activity, as well as a number of risks, including technical failures, hacker attacks and the volatility of digital assets.

The Expert Council under the Government of the Russian Federation advocated the introduction of remote energy consumption checks to combat shadow miners. And at the end of April this year, the State Duma of the Russian Federation received a new version of the bill regulating mining. Which, among other things, contains a ban on organizing the circulation of cryptocurrencies, with the exception of experimental regimes of the Central Bank and the sale of coins by miners.

The state’s strategy can be seen quite clearly - to take maximum control and regulate the industry, and force miners to sell assets only to the state (and probably not at the best price).