Consumption Of Over 2% Of Electricity By Russia’s Crypto Miners
2022-05-31 16:51:55
Crypto Mining Activities Is Over 2% of Electricity Consumption In Russia
Russia’s Deputy Minister of Industry and Trade Vasily Shpak stated that cryptocurrency miners account for more than 2% of the total volume of electricity consumed in the Russian Federation and their activities need to be “whitewashed” and regulated. Russia was the world's third-biggest bitcoin mining hub, according to Cambridge University data, but currently, it dropped from the third position but is still among the top 5 cryptocurrency mining countries according to the recent data published on global Bitcoin mining released by the Cambridge Centre for Alternative Finance (CCAF).
At the time of writing, the Bitcoin price live is $30,567.52, and the world's number one cryptocurrency is up by 5.35% in the last 24-hours on the Gate.io exchange platform. This is after bitcoin had struggled for days with the market closing below the $30,000 price per bitcoin. Gate.io is a top 10 global cryptocurrency exchange platform where you can buy, sell and trade Bitcoin and other cryptocurrencies very fast and very securely. The gate.io crypto exchange just celebrated its 9th anniversary and is known for its integrity, reliability, and vitality.
The minister expects that the mining industry will reduce its electricity consumption in the future as the global mining industry moves towards less energy-intensive mining protocols. He further stated the position of Russia’s government regarding digital assets mining activities, that mining must be recognized, regulated, and established as an industrial activity. With this information from the Minister, will this attract crypto miners from other nations?
According to the new map mining data released in May, which covers the period of September 2021 to January 2022, by the Cambridge Centre for Alternative Finance (CCAF) as part of the Cambridge Digital Assets Programme (CDAP), the United States still maintains its first position with a hash rate of 37.84%, followed by China, despite the banned placed by the government on cryptocurrency mining activities with a hash rate of 21.11%. This was a major comeback for the mining industry in China.
Furthermore, Kazakhstan is currently the third-largest mining hub with a mining hash rate of 13.22%, after taking the place of Russia, Canada holds the fourth position with a hash rate of 6.48%, and Russia dropped from 11.23% in August 2021 to 4.66% hash rate in January 2022. When the last update of the Cambridge Bitcoin Electricity Consumption Index (CBECI) mining map was released in October 2021, it was affected by the crackdown of the Chinese ban on Cryptocurrency mining activities. You can learn more about crypto mining on the Gate.io exchange blog page.
With the sanctions on Russia’s economy, due to the Ukraine invasion, should we expect bitcoin mining companies to relocate to Russia due to the recent decision of the government on crypto mining activities? The crypto community awaits the next hash rate that will be released by the CBECI, to see Russia’s new position.
Russia’s Deputy Minister of Industry and Trade Vasily Shpak stated that cryptocurrency miners account for more than 2% of the total volume of electricity consumed in the Russian Federation and their activities need to be “whitewashed” and regulated. Russia was the world's third-biggest bitcoin mining hub, according to Cambridge University data, but currently, it dropped from the third position but is still among the top 5 cryptocurrency mining countries according to the recent data published on global Bitcoin mining released by the Cambridge Centre for Alternative Finance (CCAF).
At the time of writing, the Bitcoin price live is $30,567.52, and the world's number one cryptocurrency is up by 5.35% in the last 24-hours on the Gate.io exchange platform. This is after bitcoin had struggled for days with the market closing below the $30,000 price per bitcoin. Gate.io is a top 10 global cryptocurrency exchange platform where you can buy, sell and trade Bitcoin and other cryptocurrencies very fast and very securely. The gate.io crypto exchange just celebrated its 9th anniversary and is known for its integrity, reliability, and vitality.
Mining Activity Consumes More Electricity Than Agricultural Sector In Russia
Russia was the third-largest crypto mining hub in the world before the Russia-Ukrainian invasion but is currently ranked the 5th largest digital mining country with a hash rate of 4.66%. The Deputy Minister of Industry and Trade had said that the mining activity has consumed more than 2% of electricity which is more than the total consumption of the country’s agricultural sector, so it is worth recognizing the digital mining activity as an industry.The minister expects that the mining industry will reduce its electricity consumption in the future as the global mining industry moves towards less energy-intensive mining protocols. He further stated the position of Russia’s government regarding digital assets mining activities, that mining must be recognized, regulated, and established as an industrial activity. With this information from the Minister, will this attract crypto miners from other nations?
According to the new map mining data released in May, which covers the period of September 2021 to January 2022, by the Cambridge Centre for Alternative Finance (CCAF) as part of the Cambridge Digital Assets Programme (CDAP), the United States still maintains its first position with a hash rate of 37.84%, followed by China, despite the banned placed by the government on cryptocurrency mining activities with a hash rate of 21.11%. This was a major comeback for the mining industry in China.
Furthermore, Kazakhstan is currently the third-largest mining hub with a mining hash rate of 13.22%, after taking the place of Russia, Canada holds the fourth position with a hash rate of 6.48%, and Russia dropped from 11.23% in August 2021 to 4.66% hash rate in January 2022. When the last update of the Cambridge Bitcoin Electricity Consumption Index (CBECI) mining map was released in October 2021, it was affected by the crackdown of the Chinese ban on Cryptocurrency mining activities. You can learn more about crypto mining on the Gate.io exchange blog page.
With the sanctions on Russia’s economy, due to the Ukraine invasion, should we expect bitcoin mining companies to relocate to Russia due to the recent decision of the government on crypto mining activities? The crypto community awaits the next hash rate that will be released by the CBECI, to see Russia’s new position.
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