As of the end of Q1 2023, Russia has been ranked as the second most powerful Bitcoin (BTC) mining provider in the world.
In the first three months of this year, Russia generated 1 gigawatt (GW) of mining power, according to the Moscow Times. report.
Country ranking as of Q1
America The remaining It produces 3-4 GW of mining capacity, making it the most important major mining power nation.
After Russia’s 1 GW, the Gulf countries have the world’s third largest mining power with a total of about 700 megawatts (MW). The list follows Canada, Malaysia, Argentina, Iceland, Paraguay, Kazakhstan, and Ireland with 400 MW, 300 MW, 135 MW, 120 MW, 100-125 MW, 100 MW, and 90 MW respectively.
Over the past few years, Russia has ranked third on the mining power generation charts, while Kazakhstan has ranked second. However, by the end of 2021, Russia’s mining capacity surpassed that of the United States and Kazakhstan.
Role of regulation
The ranking of leaders in BTC mining is heavily influenced by regulatory changes that countries go through.
A vivid example of this is Kazakhstan. The country was the second largest mining power, accounting for 18% of the world’s hashrate in the second half of 2021. However, the country began to experience an energy crisis at the end of her 2021, and the government turned its attention to miners. pointed at
To address the energy crisis, the state has taken measures to discourage miners, including cutting off electricity supplies, tightening the regulatory framework and introducing differentiated tax rates. These changes have taken a toll on the country’s mining power, with the country entering 2023 accounting for just 6.4% of the world’s hashrate.
Russia’s progress in the charts may be linked to Kazakhstan’s changing attitude towards mining, experts say. Meanwhile, mining activity in Russia is expected to grow due to its cold climate and various regions offering cheap electricity. The US view on BTC mining is yet to be decided. It is therefore difficult to predict whether the United States will sabotage mining activity and let Russia take the lead, or further strengthen its power to widen the gap.