Russia closes in on Bitcoin mining dominance
GIS Mining predicts a 7GW mining capacity surge in Russia, driven by industrial support and crypto-friendly reforms.
Russia is rapidly emerging as a key player in Bitcoin mining, with a projected 7GW capacity boost in three years. GIS Mining’s CEO Vasily Girya says only the US may stay ahead.
At the St. Petersburg International Economic Forum, Girya noted that industrial giants and financial groups are entering the sector. He added that Russia’s surplus energy, particularly in Siberia, and growing infrastructure will support further expansion.
In 2023 alone, Russia mined 54,000 Bitcoins, generating over half a billion dollars in taxes—an achievement President Putin proudly highlighted at the Eastern Economic Forum.
Despite this momentum, challenges remain. The government has attempted to regulate crypto mining by urging firms to register with tax authorities, but uptake has been low. Less than 30% of miners are officially registered, limiting oversight and reducing potential tax revenue.
Still, optimism prevails. Girya believes ongoing reforms, the rise of self-powered mining centres, and easing rules on crypto trading will unlock further growth.
With strategic development and energy advantages, Russia is on track to become the world’s second-largest Bitcoin mining hub.
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