The cryptocurrency mining sector is currently facing extreme hardships in maintaining its presence in recent times. Moreover, all the environmental concerns put forth on Bitcoin (BTC) mining and crypto mining upon the carbon footprints left by them is quite a reason to consider.
And much over, all the Securities and Exchange Commission (SEC) of various crypto regulated countries all corner the crypto mining industry profusely.
Russia and Crypto Mining
Amidst all such scrutinizing and cornering of cryptocurrency mining in many of the developed nations citing energy consumption as the major reason. And so, now many of the crypto mining, especially BTC mining, have recently been in trend to shift to other developing nations.
In addition, most of these developing and yet to develop nations open their hands generously in welcoming these ex-pat crypto mining firms. Also, they strongly believe that such crypto expansions in their respective countries will for sure enhance their economy financially and make them more wealthy.
The Russian Association of Crypto Industry and Blockchain (Racib) is Russia’s cryptocurrency industry sector organization representing the country’s crypto industry completely. According to the Racib, Russia on the latest statistical data foresees a significant migration of Bitcoin (BTC) mining and crypto mining firms all over the world shifting themselves towards other Eurasian countries.
Also, Racib terms the migration of crypto mining firms towards Russia has decreased in recent times.
Russia’s Crypto Mining Geographics
According to Racib, Russia is the country with the most advantages when it comes to crypto mining and BTC mining.
Furthermore, Racib points out the advantages of setting up BTC and crypto mining firms in Russia. Racib terms Russia is actually in the abundance of energy supplies and power generation.
In addition, almost more than half of the regions in Russia produce 50% more power generation apart from their consumption. Thus, depicting extremely lower costs of electricity.
Also, the next factor is the nation’s extreme cold climates, which helps efficiently in maintaining the temperature for bigger crypto mining firms. In addition, this directly reduces the cost and power spent towards the need for cooling systems for the mining equipment and firms.
Next in line is the Country’s large geographical landmass and its less population. This enables and makes possible the setting up of extremely large mining farms spread out.
Therefore, with all such advantages at hand, Racib reveals that several organizations are now coming forth together with an epic project with the goal of making Russia the leading crypto mining and BTC mining country in the world.
Battle With Kazakhstan
With crypto mining cornered in many parts of the world, especially China, all these Chinese mining firms started shifting rapidly to other countries.
One such first choice for these Chinese crypto mining firms for the place of migration is Kazakhstan. This is due to the reason that the crypto industry of the country is yet to be regulated.
In spite of all this Kazakhstan now ranks third in the world in terms of crypto mining. Hence, it overtook Russia and now Russia stands fourth in the line.
Therefore, Russia is doing all it could to make its way up and to overtake its lost rank to Kazakhstan.
Yet, Russia has to act fast and immediately as it’s running out of time though!
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