Russia ranks second in terms of energy capacities engaged in cryptocurrency mining.
Despite persisting regulatory uncertainty and the negative effects of sanctions, the amount of power devoted to the sector has been growing, reaching record highs this year.Russia has for the first time climbed to second place in the world in terms of total power capacity of the facilities devoted to the production of digital currencies.
Bitriver noted that the positive trend for Russia is linked to last year’s reduction of mining activities in Kazakhstan, where authorities have been shutting down authorized mining data centers and going after illegal crypto farms due to electricity shortages. The Central Asian nation’s growing power deficit has been blamed on the influx of miners following China’s crackdown on the industry. A law limiting their access to low-cost, subsidized electricityThe U.S.
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