“Is Russia Really the Second-Largest Crypto Miner?”

This year, Russia has become the world’s second-largest cryptocurrency mining country, according to Bitriver, Russia’s largest bitcoin mining provider. The United States remains by far the world’s largest crypto miner, boasting 3-4 gigawatts of mining capacity, but Russia’s generating capacity reached 1 gigawatt in January-March 2023.

In taking second place for the first time, Russia has bumped Kazakhstan from its perch. This according to Bitriver, which says that Kazakhstan introduced restrictions on crypto mining activities in 2022 and now ranks ninth.

Is Russia Really the Second-Largest Crypto Miner

China, which banned crypto mining in 2021, did not make Bitriver’s top 10 at all.

Bitcoin use is limited in Russia due to restrictive laws on cryptocurrencies, including President Vladimir Putin’s 2020 law on digital financial assets. This law legalized cryptocurrencies but banned their use in payments.

Cryptocurrencies have been used by Russia to evade sanctions. In February, the United States blacklisted a bitcoin and an ether address, which it said may have been involved in Russian defense equipment sales. The European Union imposed a total ban on carrying out cryptocurrency transactions with Russian citizens and anyone resident in the country as part of its eighth round of sanctions introduced last year.

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Is russia really the second largest crypto miner in the world

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