Russia Bolsters Crypto Mining Capacity to 500 Megawatts

1. Crypto mining facilities and activities in Russia increased in the past year.
2. Russian crypto mining firms are expecting more growth in 2023.
3. The crypto mining bill was not included in the agenda of the State Duma Committee on Financial Market.

The total capacity of crypto mining facilities in Russia has increased in the past year, according to a report by Russian media Kommersant. 

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As per the report, originally written in Russian, the mining capacity of crypto mining farms has increased cumulatively up to 500 megawatts (MW). The figures came from a survey held among leading Russian mining farms.

Some factors that contributed to the above-said news are the decreasing prices of mining equipment and stronger interest from domestic customers. This growth happened despite the market downturn and sanctions.

Leading Russian crypto mining firms are also expecting more growth in 2023. However, some fear that the growth may be stunted due to electricity tariffs and taxes. In addition, the ongoing clash between Russia and Ukraine has led to sanctions to cut the free use of cryptocurrency to exchange value from Russia to other destinations.

Regardless, some mining farms have ramped up their operations. For instance, crypto mining firm Bitriver increased its data centers and capacity by double.

Russia has been receiving sanctions after sanctions from Western powers for its aggression on Ukraine. Now, many Russians are using crypto as a lifeline given continuous financial and commerce pressure from the European Union and the US.

The bill outlining Russia’s approach to crypto mining was not included in the agenda of the State Duma Committee on Financial Market. This should otherwise have provided clarity to citizens as many are operating their own crypto mining operations in their homes.

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