CandleFocus Sanctioned BitRiver sees Russia poised to surpass US in Bitcoin mining by 2027 with Kremlin’s support
2024-10-02
Author: Content Editor
Sanctioned crypto mining firm BitRiver believes that Russia could surpass the U.S. in Bitcoin mining by 2027 due to favorable regulations. Russia's recent legislation legalizing crypto mining has solidified its position in the industry, according to BitRiver CEO Igor Runets. He notes that Russia's growth rate in crypto mining has caught up with that of the U.S., with Bitcoin mining in Russia currently consuming over 2.5 GW of energy compared to more than 7 GW in the U.S. The evolving regulatory environment is prompting collaboration with Russian oil and gas companies, and the effective utilization of associated petroleum gas for mining is expected to help Russia outpace the U.S. in the crypto space within the next two to three years.
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