### Russia Catching Up with the US in Bitcoin Mining

According to BitRiver, Russian miners produced 54,000 bitcoins worth $3.5 billion in 2023. The mining capacity reached 2.2 GW, up from 1 GW in 2022. Meanwhile, the US, using 5.3 GW, mined 143,000 BTC in 2023. The Gulf countries came third, mining 27,000 bitcoins with 1 GW of power.

Experts believe that the impressive growth of the Russian crypto mining market is due to a combination of factors. These include the cold climate in Siberia, low electricity tariffs, plenty of available spaces for setting up equipment, and the ability to negotiate with local authorities for certain rewards.

Specialists predict that the domestic mining market could grow by up to 40% by the end of this year if lawmakers pass bills regulating digital assets. This would lead to even faster development than currently seen. Since there is no legal ban on cryptocurrency mining in Russia, miners just need the appropriate regulatory framework to potentially surpass the US in both growth rate and bitcoin production volume.

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