Russian Crypto Mining Sector Could Grow ‘by 20-40%’ in 2024 – Report
The Russian crypto mining industry could grow “by between 20% and 40%” in 2024, a new report has claimed.
Per the media outlet Overclockers, the claims came from industry insiders in a report from BitRiver.
The latter is Russia’s biggest crypto mining player. The firm is one of the driving forces behind a recent legislative push that could result in the “legalization” of the sector.
In the report, analysts claimed that the “low cost of electricity” and “the absence of strict regulation by the authorities” were resulting in “good growth dynamics” for crypto miners.
The report’s authors quoted the director of the Industrial Mining Association, Sergei Bezdelov, as stating that the industrial crypto mining market “doubled in size” in 2023.
BitRiver claims that last year domestic Bitcoin miners accrued a combined total of about BTC 54,000.
The firm said that Russia “continues” to be one of the world’s biggest crypto mining powers.
BitRiver also claimed that “over 95%” of Russian miners’ “computing resources” are being used to mine BTC.
However, not all experts agree on this statistic. The Co-founder of the Encry Foundation, Roman Nekrasov, said he believed BTC accounted for 90% of Russian mining efforts.
He said 10% of Russian miners focus on altcoins like Litecoin (LTC) and Kaspa (KAS).
At present, mining has no legal status in Russia. However, many in Moscow have proposed banning crypto in various forms.
Miners want lawmakers to “hurry up and legalize” their sector, even if that means paying taxes on their earnings.
The Energy Ministry has suggested easing the load on overworked grids by forcing miners to turn off their rigs for a fixed amount of time every year.
The latest legislative proposals reportedly either suggest restricting
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