Russia Takes Over Kazakhstan: Ranking World’s 2nd Crypto Miner

• Russia has become the second largest crypto miner in the world, replacing Kazakhstan.
• The US is ranked first for its 3-4 GW power consumption for crypto mining.
• Russia’s total power consumption for crypto mining was 1GW during the last 3 months (January to March).

Russia Replaces Kazakhstan to Rank World’s 2nd Crypto Miner

Market News BitRiver states that Russia consumes 1 GW of power for crypto mining and holds the 2nd place this year behind the United States. According to Kommersant, a Russian-based newspaper publisher, Russia has reached the same spot as Kazakhstan – being the world’s second-largest cryptocurrency mining country in 2023.

Cambridge University Reports on US Ranking First

The reports from Cambridge University show that the US ranks first amongst all crypto-mining countries, while Kazakhstan and Russia follow closely with their respective hash rates. Previously, miners chose Kazakhstan due to its low power consumption and unoccupied lands. But now Russians have overcome this hurdle to become one of the leading miners in cryptocurrency worldwide.

Cryptocurrency Regulations

Various countries have set up regulations concerning cryptocurrency risks and energy consumptions which need to be followed by licensed regimes or else they’ll face severe consequences. Last year Statista published a report on bitcoin hash rate distribution which revealed that US had 37.84%, followed by China at 21.11% and then Kazakhstan at 13.22%. In 2023 Russia has been trying to strengthen sanctions against companies, banks, exchanges and other organizations related to cryptocurrency mining activities taking place within their boundaries.

Kazakhstan Was Previously Second Largest Crypto Miner

Before this shift occurred in rankings between these two countries, Kazakhstan was previously considered second largest crypto miner after China; however due to China’s ban on cryptocurrency markets and operations it lost its position in favor of Russia who took over this spot this year with 1GW of total power consumed by them over past 3 consecutive months (January -March).

Conclusion

It is evident how different countries are competing with each other when it comes to regulating cryptocurrencies along with providing an environment friendly environment for miners so as to attract more investments within their boundaries without breaking any laws or regulations imposed by government authorities or international bodies like FATF etc .