Binance Lifts Restrictions on Russian Users Since Invasion of Ukraine

Russia is now the second largest Bitcoin miner after the US. The latest data comes according to a report from Russian media Kommersant.

Russia’s new rating comes amid US moves to tax and regulate crypto mining at the state and federal levels, resulting in a less hospitable environment for the industry in the US.

According to Yahoo Finance, Tuesday (25/4/2023), Russia bagged the second position globally in terms of its mining capacity between January and March 2023, amounting to 1 gigawatt (GW), media reports cited BitRiver, a solution provider for cryptocurrency mining.

The US leads with 3-4 GW of mining capacity. Others in the top 10 include the Persian Gulf with 700 MW, Canada with 400 MW and Malaysia with 300 MW, the report said.

Russia is in third place at the end of 2021, ahead of the US and Kazakhstan in terms of bitcoin mining capacity, citing data from The Cambridge Center for Alternative Finance.