According to sanctioned crypto mining firm BitRiver, Russia is on track to potentially outpace the United States in Bitcoin mining by 2027, thanks to favorable regulations. As the importance of blockchain and crypto mining leadership is increasingly emphasized by U.S. presidential candidates, BitRiver CEO Igor Runets is optimistic about Russia’s prospects in the industry.
In a recent interview with state-owned news agency Prime, Runets pointed to recent regulatory developments that have strengthened Russia’s position in the crypto sector. In early August, President Vladimir Putin signed new laws legalizing crypto mining and exempting low-energy mining operations from restrictions. This move has allowed citizens using energy-efficient rigs to legally mine Bitcoin, further solidifying Russia’s presence in the industry.
“The recent legislation supporting mining in Russia has further solidified our country’s position in this field.”
– Igor Runets
Runets revealed that Russia’s growth rate in crypto mining has caught up with the U.S. over the past year, narrowing the gap in absolute figures. Currently, Bitcoin mining in Russia consumes over 2.5 GW of energy, compared to more than 7 GW in the U.S.
He highlighted that the changing regulatory environment has led oil and gas companies to reassess their strategies, leading to collaborations with Russian crypto miners. Runets believes that the effective use of associated petroleum gas through data centers for mining will drive significant growth, positioning Russia to surpass the U.S. in the crypto landscape within the next two to three years.
In April 2022, the U.S. government imposed sanctions on BitRiver and its subsidiaries for operating in the technology sector of the Russian economy. The U.S. Treasury stated that crypto mining companies in Russia helped monetize the country’s natural resources, leveraging its energy resources and cold climate for a competitive advantage in the industry.
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