• Russia is the second largest cryptocurrency mining country in the world, with 1 GW of power consumption for crypto mining.
• Kazakhstan previously held the title of second-largest crypto miner next to China, but has now been replaced by Russia.
• The US ranks first when it comes to crypto mining, with a 3-4 GW capacity of power consumption for crypto mining.
Russia Replaces Kazakhstan – Ranking World’s 2nd Crypto Miner
Power Consumption for Crypto Mining
Market News BitRiver states that Russia consumes 1 GW of power for crypto mining. Next to Kazakhstan, Russia holds the 2nd place this year. As per the reports of Kommersant, a Russian-based newspaper publisher, Russia is considered the world’s second-largest cryptocurrency mining country in the year 2023 – today. Furthermore, the United States ranks at the top of all crypto-mining countries. And, the total power consumption for crypto mining in the US reports 3 to 4 GigaWatt (GW) whereas Russia consumes 1 GW over the last 3 consecutive months (January to March).
Kazakhstan Previously Held Second Place
Glance About Recent Crypto Miners Lastly, Kazakhstan was the 2nd largest crypto miner next to China. The larger momentum of Kazakhstan was due to China’s ban on cryptocurrency mining and markets. Moreover, Cambridge University’s reports say that the United States ranks first when it comes to crypto mining next to Kazakhstan and Russia. Previously, miners choose Kazakhstan for the wealthier unoccupied lands to install with low power consumption. Now, for the first ever time, Russia has reached the place that Kazakhstan was ruling – as the world’s second crypto miner concerning BitRiver.
US Ranks First When it Comes To Crypto Mining
Correspondingly,the US ranks first when it comes to crypto mining with a 3 – 4 GW capacity ofcrypto mining whereas its consumption is 1GW in Russia . Various countries have asetofcryptomining regulations considering theriskandintensive energyconsumptionwithregardtogovernmentlawsandinterventions . There includesasevere banactionwhenhecryptocurrencyregulationsareviolatedbyalicensedregime . In pastyear ,the bitcoin analysisreports ofStatista generated overall distributionofbitcoinmining hashrate . The results saidthatUSgot 37 .84 % followed byChinaataround 21 .11 % ,followed byKazakhstanat nearly 13 .22 , andthenothercountries . The following reportsof2023todatestatedthatRussiancountry triestostrengthenthesanctionsincluding companies , banks ,exchanges , and othersrelatedtoRussiafor their cryptomining .
Potential Ban Action For Violating Cryptocurrency Regulations
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