Russia mined 54,000 Bitcoin by 2023

Russia is one of the largest producers of Bitcoin hashrate. A new law should now further promote the industry.

By 2023, Russia will have 54,000 Bitcoin mined, good for about $3 billion. This reports Sergey Bezdelov, the director of the mining company, according to local media.

According to Bezdelov, this will generate about 50 billion rubles in tax revenue, which amounts to about $553 million.

On Aug. 8, 2024, Vladimir Putin signed a law that would crypto mining makes it legal in Russia and puts it under a regulated framework. This should further strengthen the BTC mining industry there.

According to Cambridge Russia ranks 5th among countries contributing the most to the network's hashrate. However, this data is from January 2022. Current, reliable figures are unfortunately hard to find.

Russia is taking further steps to strengthen the country's crypto sector. There are plans to establish two crypto exchanges to serve as hubs for international trade.

According to Bloomberg hopes this will also circumvent the effects of the sanctions in place against Russia since the war in Ukraine.