Russia Replaces Kazakhstan – Ranking World’s 2nd Crypto Miner

• 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).

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. Correspondingly, the US ranks the top most of all this year with a 3 to 4 GW capacity of crypto mining whereas the consumption of Russia is 1 GW.

Various countries have a set of crypto mining regulations considering the risks, and intensive energy consumption with regard to government laws and interventions. There includes a severe ban action when the cryptocurrency regulations are violated by a licensed regime.

In the past year, the bitcoin analysis reports of Statista generated the overall distribution of bitcoin mining hash rate. The results said that the US got 37.84% followed by China at around 21.11%, followed by Kazakhstan at nearly 13.22, and then the other countries. 

The following reports of 2023 to the date stated that the Russian country tries to strengthen the sanctions – including companies, banks, exchanges, and others related to Russia for their crypto mining.