{"id":76831,"date":"2023-04-07T11:58:13","date_gmt":"2023-04-07T08:58:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=76831"},"modified":"2025-09-10T19:40:21","modified_gmt":"2025-09-10T16:40:21","slug":"bitriver-russia-rises-to-second-place-in-cryptocurrency-mining","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitriver-russia-rises-to-second-place-in-cryptocurrency-mining\/","title":{"rendered":"BitRiver: Russia rises to second place in cryptocurrency mining"},"content":{"rendered":"<p>Based on the first quarter of 2023, Russia for the first time ranked second globally in the volume of capacity devoted to mining \u2014 about 1 GW. The <a href=\"https:\/\/www.kommersant.ru\/doc\/5915688\">\u00ab\u041a\u043e\u043c\u043c\u0435\u0440\u0441\u0430\u043d\u0442\u00bb<\/a>, citing data from the BitRiver data-centre operator, said this.<\/p>\n<p>According to the company&#8217;s estimates, the leader remains the United States with 3\u20134 GW of mining capacity.<\/p>\n<p>The top 10 also include:<\/p>\n<ul class=\"wp-block-list\">\n<li>Persian Gulf countries \u2014 700 MW;<\/li>\n<li>Canada \u2014 400 MW;<\/li>\n<li>Malaysia \u2014 300 MW;<\/li>\n<li>Argentina \u2014 135 MW;<\/li>\n<li>Iceland \u2014 120 MW;<\/li>\n<li>Paraguay \u2014 100-125 MW;<\/li>\n<li>Kazakhstan \u2014 100 MW;<\/li>\n<li>Ireland \u2014 90 MW.<\/li>\n<\/ul>\n<p>In December 2022, according to the Cambridge Centre for Alternative Finance (CCAF), Russia held fifth place in Bitcoin hash rate share, at 4.7%. At that time it trailed the United States, mainland China, Kazakhstan and Canada.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"753\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Opera-Snimok_2023-04-07_112219_ccaf.io_-1024x753.png\" alt=\"Opera-Snimok_2023-04-07_112219_ccaf.io_\" class=\"wp-image-203649\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Opera-Snimok_2023-04-07_112219_ccaf.io_-1024x753.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Opera-Snimok_2023-04-07_112219_ccaf.io_-300x221.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Opera-Snimok_2023-04-07_112219_ccaf.io_-768x565.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Opera-Snimok_2023-04-07_112219_ccaf.io_.png 1480w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: CCAF.<\/figcaption><\/figure>\n<p>BitRiver experts linked the positive momentum to the introduction of <a href=\"https:\/\/forklog.com\/en\/news\/kazakh-senate-approves-revised-digital-assets-law\">licensing of mining activity<\/a> in Kazakhstan and its <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-mining-in-2021-chinas-ban-reshaped-the-balance-of-power\">ban in China<\/a>.<\/p>\n<p>They added that, despite leading positions, market development in the United States has been slowed by rising electricity prices, shrinking mining profitability and the removal of tax incentives. Moreover, equipment was often purchased by American miners <a href=\"https:\/\/forklog.com\/en\/news\/wsj-reports-bitcoin-miners-on-sale-with-discounts-exceeding-70\">on credit<\/a>, hence many companies found themselves in bankruptcy proceedings.<\/p>\n<p>Russia also continues to face factors that restrain the development of the mining industry \u2014 lack of regulation and rising sanctions risk. The BitRiver group itself was sanctioned by the US Treasury in <a href=\"https:\/\/forklog.com\/en\/news\/us-sanctions-bitriver-mining-group\">April 2022<\/a>.<\/p>\n<p>Recall, a draft law regulating mining has been registered in the State Duma since <a href=\"https:\/\/forklog.com\/en\/news\/in-russia-lawmakers-propose-banning-cryptocurrency-circulation-and-requiring-tax-reporting-by-miners\">mid-November 2022<\/a>. It obliges individuals and legal entities to report to the tax authorities about mined cryptocurrencies, with the address to which they are credited.<\/p>\n<p>The document also imposes a ban on advertising digital currencies or offering them in any form to an unlimited audience.<\/p>\n<p>In March 2023, the Russian Finance Ministry added to the mining regulation bill a provision on <a href=\"https:\/\/forklog.com\/en\/news\/baza-russia-imposes-prison-terms-on-miners-for-failing-to-declare-income\">criminal liability<\/a> for failing to declare digital assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Based on the first quarter of 2023, Russia for the first time ranked second globally in the volume of capacity devoted to mining \u2014 about 1 GW.<\/p>\n","protected":false},"author":1,"featured_media":76832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1567,1137,27,26],"class_list":["post-76831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitriver","tag-cryptocurrency-mining","tag-russia","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/76831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=76831"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/76831\/revisions"}],"predecessor-version":[{"id":76833,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/76831\/revisions\/76833"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/76832"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=76831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=76831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=76831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}