Igor Runets, owner and CEO of Bitriver, commented on the growth potential of the Russian bitcoin mining industry following the approval of the mining law in the country. Runets stated that, due to the several advantages provided by the law, the Russian bitcoin mining industry could reach parity with the U.S. in two to three years.
Russian Bitcoin Mining Industry Could Surpass the U.S. in 2 Years
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Russian Bitcoin Mining Industry Growth Caught up to the US
Both U.S. presidential candidates’ emphasis on developing the bitcoin mining industry in the country could anticipate the start of an international hash war. Igor Runets, owner and CEO of Bitriver, one of the world’s largest providers of data center services for sustainable mining, believes that the U.S. risks losing its position as mining leader to Russia, which is currently assembling a mining-friendly regulatory framework.
Runets believes that Donald Trump’s and Kamala Harris’ inclusion of the cryptocurrency issue in their respective agendas derives from the fear of losing this leading place in the industry.
In this sense, he believes that the recently approved mining law provides elements that can boost the industry’s growth in Russia, paving the way for becoming a leader in the field. “Last year, we caught up with the US in terms of growth rates, and the gap in absolute values is narrowing,” he told local media.
The regulation incentivizes oil and gas companies to work alongside bitcoin miners, offering benefits for using petroleum gas to mine bitcoin.
Runets declared:
If mining in Russia currently consumes over 2.5 GW, then in the US it is over 7 GW. In two to three years, thanks to their own generation and the use of associated petroleum gas, Russian miners may become leaders.
In September, President Putin acknowledged the size and significance of the cryptocurrency mining activity, linking this with Siberia’s energy capacity surplus. Nonetheless, he also clarified that while the growth of the mining industry was relevant, “the construction of housing, industrial and social facilities, and the supply of electricity to planned production facilities is no less, and perhaps more important.”
What do you think about the growth possibilities of the Russian bitcoin mining industry? Tell us in the comments section below.
