Russia triples demand for mining equipment in one year

According to local media reports, Russia saw a three-fold increase in demand for Bitcoin mining equipment from 2023 to 2024. Mining in the country previously existed in a legal gray area, but is becoming more widely accepted.

Although there are bans on mining in many Russian regions, the government is becoming noticeably more interested in cryptocurrencies.

Russia has new mining and new interest in cryptocurrencies

According to the report, Cryptocurrency mining in Russia He benefited from Relaxing regulatory standardsThis transformed the sector from a legal gray area into a thriving business opportunity.

It was noticeable there Increase mining production in the country For several months now, but this high demand helps gauge growth.

“Individuals can mine cryptocurrencies without being included in the register, but within the limits of electricity standards (6,000 kWh per month). If this standard is exceeded, the citizen must register as an individual entrepreneur and submit an application to be included in the register. He claimed Sergey Bezdilov, Director of the Industrial Mining Association.

It was for Russia A complex relationship with crypto space newly. For one thing, President Putin has acknowledged the use case for Bitcoin In many key areas, even in the country It was defended by other BRICS members To adopt digital assets.

However, Russia too A temporary mining ban was issued That October It expanded dramatically months later. The rationale for this ban was simple: the affected areas did not have sufficiently developed electrical networks.

In the rest of Russia, cryptocurrency mining remains a “good source of additional income.” This demand reflects an interesting trend in wider society, with local reports indicating growing confidence on the part of businesses and ordinary citizens.

Newer too research It shows that Russia accounts for up to 26% of traffic on international cryptocurrency exchanges. Russian citizens had the strongest presence on Bybit and more users than any other country on HTX and Bitfinex. In other words, this new interest represents a clearly quantifiable statistic.

Ultimately, if Russia becomes more accepting of cryptocurrencies, this mining industry is poised for growth. Even if several areas are off limits for the foreseeable future, acceptance is growing at the popular level and at the highest levels of power.