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Bitcoin mining revenue in Russia grows 18 times in 4 years

Bitcoin mining revenue in Russia grows 18 times in 4 years

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Answer Bitcoin mining revenue in Russia grows 18 times in 4 years

With business shrinking, revenue from Bitcoin mining in Russia increased 18 times between 2017 and 2021, according to a new report from hardware distributor Intelion Data Systems, citing RBC Crypto.

According to the research, in the past eight months, bitcoin mining revenue has fallen to just over 57 billion rubles ($929 million), despite a fairly strong start to 2022.

The second quarter of 2022 is in fact the worst in more than a decade.

Russia controlled 4.66% of the global monthly hash rate as of January 2022, but its share is shrinking as Russian miners are subsequently exposed to US sanctions imposed due to the war in Ukraine.

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Taking into account these indicators, the expected annual turnover in this sector this year is about 85.59 billion rubles (less than 1.39 billion dollars).

Nevertheless, mining activities in Russia over the past five years as a whole have yielded significant results in terms of growth dynamics, analysts point out.

Since 2017, when the popularity of this type of business began to increase exponentially, revenue in this sector has been increasing at a rapid pace for the better part of that period, regardless of the volatility of the cryptocurrency market.

According to Timofey Semenov, CEO of Intelion Data Systems, the expansion potential of cryptocurrency mining in the Russian Federation is huge and could have a significant impact on the Russian economy.

It can also help the vast country deploy its IT infrastructure and attract investment in its energy-rich regions.

Another study conducted by Semenov earlier revealed that data centers that mine cryptocurrency now use 20 times more electricity than they did five years ago.

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The study supervisors said that the total energy consumption in the mining sector has reached that of the agricultural activity.

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