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Sanctioned Crypto Mining Firm BitRiver Predicts Russia’s Rise in Bitcoin Mining
Sanctioned crypto mining firm BitRiver suggests that Russia could soon outpace the U.S. in mining due to favorable regulations. As U.S. presidential candidates increasingly highlight the importance of blockchain and crypto mining leadership, BitRiver remains optimistic about Russia’s potential to surpass the U.S. in Bitcoin mining by 2027.
In an interview with a state-owned news agency, BitRiver CEO Igor Runets highlighted recent regulatory developments that have bolstered Russia’s standing in the crypto sector.
Legalization of Crypto Mining in Russia
In early August, Russia’s President Vladimir Putin legalized crypto mining by signing new laws that exempt low-energy mining operations from restrictions. This legislation allows citizens using energy-efficient rigs to legally mine Bitcoin, further solidifying Russia’s position in the industry, according to Runets.
“The recent legislation supporting mining in Russia has further solidified our country’s position in this field.”
The BitRiver CEO claims that Russia’s growth rate in crypto mining has caught up with that of the U.S. in the past year, narrowing the gap in absolute figures. According to his calculations, Bitcoin mining in Russia currently consumes over 2.5 GW of energy compared to more than 7 GW in the U.S.
Impact of Regulatory Environment on Crypto Mining
Runets emphasized that the evolving regulatory environment is prompting oil and gas companies to reevaluate their strategies, fostering collaboration with Russian crypto miners. He expects the effective utilization of associated petroleum gas through data centers for mining will provide a significant growth stimulus, positioning Russia to outpace the U.S. in the crypto landscape within the next two to three years.
In April 2022, the U.S. government added BitRiver, along with several of its subsidiaries, to its sanctions list for operating in the technology sector of the Russian economy in an effort to isolate the country from the global financial system. The U.S. Treasury stated that crypto mining companies helped Russia monetize its natural resources, noting that Russia had a comparative advantage in crypto mining due to its energy resources and cold climate.
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