Opinion: Bitcoin mining in Russia is booming, with massive influx of miners

Odaily Planet Daily News Russia’s Bitcoin mining business is booming, and hardware manufacturers Bitmain and MicroBT are preparing to take advantage of this opportunity. Ethan Vera, chief operating officer of Bitcoin mining infrastructure provider Luxor Technologies, recently said at the CoinDesk 2023 Consensus Conference that the number of encrypted mining machines flowing into Russia is more than anywhere else in the world. Russia has been gaining an edge in crypto mining due to the availability of cheap energy and a cold climate. According to one of Russia's largest mining companies, the country's share of the global crypto mining industry has increased since 2021, making it the second or third largest crypto mining company in the world. David Carlisle, vice president of policy and regulation at blockchain analytics firm Elliptic, said none of the “sanctions against Russia outright prohibit participation in mining operations.” Still, there are “significant risks” for companies operating in the Russian mining sector, Carlisle added, as they cannot do business with sanctioned entities, including mining hosting company BitRiver, or pay state-owned banks and companies. (CoinDesk)