Tech 2 August 2018

Dennis Wafula

Cryptocurrency mining companies in Russia increase by 15% in 2018

The Russian Association of Cryptocurrencies and Blockchain (RACIB) released a report which showed that cryptocurrency activities in Russia have spiked in recent months. According to the report, the number of cryptocurrency mining operators in the country has grown by as much as 15% since the beginning of 2018. The report also showed that in the last seven months, Russia also experienced an increase in the number of crypto owners and crypto related businesses, while the number of crypto users rose from 2.5 million to 3 million.

This is good news for the cryptocurrency traders in Russia, which has long been prodded to set up the necessary laws to regulate the industry. According to the report, Russia has great potential to expand its cryptocurrency market as it has all the resources needed to further expand cryptocurrency activities. One key resource in the country is cheap electricity which has attracted a large pool of mining companies. Currently, there are 350,000 Russians employed in the cryptocurrency sector and participants were bullish that these numbers would grow.

These new statistics showed that the number of cryptocurrency mining companies in Russia has increased significantly to 75,000. The report also shows that in the last seven months, Russia has accounted for 6% of the world’s mining market. This is a 1% increase from 2017’s figures. Pundits are of the opinion that Russia will soon be crowned the world’s top crypto-mining destination.

While giving the report in a meeting at the Council of Digital Economy of the Federation Council, the upper house of the Russian parliament, the president of RACIB, Yuri Pripachkin, also stated that Russia stands to lose trillions of rubles. He stated that if the country does not quickly adopt cryptocurrency trade, it would be to the detriment of the Russian Economy. He claimed that there is a need to take action to ensure that Russia leverages on this opportunity.

The cryptocurrency community in the country believes that authorities are dragging their feet when it comes to enacting the necessary legislation that would boost the crypto industry—the recent decision to delay the legalization of three crypto bills proves this point. The crypto community hopes these new statistics will help steer the Russian government towards speedy enactment of necessary legislation.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

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