Russia is now ranked as the world’s third-biggest bitcoin miner, with the country being responsible for 11.23 per cent of the global “hash rate”, according to the University of Cambridge statistics.
The first place in the rating is taken by the US, which accounted for 35.4 per cent of the world’s bitcoin mining power and the second is occupied by Kazakhstan, which is responsible for a little over 18 per cent of the global hash rate.
As specified, the levels of bitcoin mining in Russia have grown by 30 per cent in a year-on-year comparison. This growth comes in the wake of last year’s partial legalisation of activities involving cryptocurrencies, which used to reside in a legal “grey area” so that now Russians can legally trade and mine cryptocurrencies, though they are banned from using it in day-to-day transactions with local businesses.
Following the changes happened in China, the hash rate of the country dropped to zero, with local miners selling off their ASIC miner machines and graphics cards to buyers worldwide at discount rates with Russia apparently offering relatively low energy bills that allowed for the emergence of mining “farms”.