ššš Russian #CryptoMining Sector Could Grow āby 20-40%ā in 2024 ā Report
Russian Crypto Mining Industry Set for Major Growth in 2024.
The Russian crypto mining industry is projected to grow by "20% to 40%" in 2024, according to BitRiver, the nation's largest crypto mining firm. This growth is fueled by low electricity costs and minimal regulatory oversight.
Key Growth Factors
1. Economic Advantages: Russia's low electricity costs and favorable climatic conditions, especially in Siberia, reduce operational expenses.
2. Regulatory Environment: Minimal regulation and the absence of strict controls provide a conducive environment for mining operations.
Industry Highlights
- #whale š³š³š³ Activity: The industrial crypto mining market doubled in 2023, with Russian miners extracting approximately 54,000 BTC last year.
- #Bitcoin Dominance: Around 95% of Russian mining resources are dedicated to Bitcoin, though some efforts focus on #altcoins like Litecoin and Kaspa.
Regulatory Landscape
- Current Status: Crypto mining lacks formal legal status in Russia, with some legislative proposals suggesting restrictions or fines for home miners.
- Existing Laws: The "On Digital Financial Assets" law recognizes cryptocurrency as property, though it's criticized for lacking depth.
Outlook
Experts are optimistic about the industry's future, citing economic benefits and a favorable regulatory environment. Russia's crypto mining sector is well-positioned for substantial growth in 2024, reinforcing its status as a key player in global crypto mining.
Source - cryptonews.com
