Bitcoin mining is thriving in Russia, despite the international sanctions imposed on the country following its 2022 invasion of Ukraine. This upswing is due to an influx of mining machines from manufacturers like Bitmain and MicroBT, whose expansion is driven by a saturated U.S. market, reports CoinDesk.
Russia has held a dominant position in the global Bitcoin hash rate because of its cheap energy and cold climate, which makes it somewhat easier to cool down mining data centers. In addition, China's 2021 ban on crypto mining boosted Russia's hashrate even further, making it one of the world's largest mining industries. Now that the U.S. market is saturated with mining machines from Bitmain and MicroBT, more machines are shipping into Russia than to any other market, according to Ethan Vera, COO of Luxor Technologies.
