Russia holds a key position in crypto trading and mining

Researchers analyzed the volume of Bitcoin (BTC) hashrate generated in Russia, as well as activityRussians on crypto exchanges, and came to the conclusion that Russia could become a key player in the digital assets market. Analysts at Xangle Research came to this conclusion.

As of 27 August 2020, moreof all computing power aimed at bitcoin mining is concentrated in China (71.7%). Russia, with a result of 6.08%, is in second place. The United States closes the top three with 5.29% of the BTC hashrate concentrated in the country.

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Many members of the crypto community believe thatChina risks losing its status as a Bitcoin mining center. At the beginning of August, the technical director of the startup Casa, Jameson Lopp, analyzed China's position in the mining market and spoke about what awaits this industry in the future. In his opinion, China will face competition as miners in other countries will have access to more profitable sources of electricity. As a result, Bitcoin hashrate, he believes, will begin to “flow” to other jurisdictions.

It is profitable to mine in Russia

Russia, as No. 3 in the BTC mining market, is one ofthe main contenders for the palm. The Russian Federation has a number of advantages, including a climate suitable for installing equipment, cheap electricity, and the availability of free land. For example, Bitcoin miners liked Bratsk, a city in the Irkutsk region. In September, news appeared in a number of media outlets that they were connecting their equipment to a local hydroelectric power station.

The low average annual temperature of Bratsk saves on equipment cooling, and the low rent reduces the cost of doing business.

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In the future, such advantages may open up opportunities for Russia to expand the cryptocurrency mining market, including cloud mining.

Legalization of cryptocurrencies will accelerate the development of the industry

Also, Xangle Research researchers drewattention to the development potential of the digital assets market in Russia against the background of the legalization of cryptocurrencies. Recall, according to the adopted bill, from January 1, 2021, a new financial instrument in the Russian Federation becomes legal.

At the same time, the use of cryptocurrencies as a means of payment within the country will be illegal. Find out more about regulation of the crypto industry in Russia from our material.

The most popular cryptocurrency exchanges among Russians, according to Xangle Research, were Binance, Bittrex, Bitfinex, Huobi.

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Let us recall that recently the head of Binance for Russia and the CISGleb Kostarev spoke about the growing interest in digital assets in the territory entrusted to him. At the same time, the CEO of the trading platform, Changpeng Zhao, considers the Russian Federation a “key market.”

Among platforms focused on working with derivatives, Russians most often choose BitMEX.

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Researchers have noticed that Russian citizens prefer to work on platforms with ruble crypto-fiat gateways. The leader in this direction was EXMO.

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At the same time, the position of the national currency of Russia in general statistics is as follows:

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Work on the formation of the regulatory framework, as well as the interest of Russians in digital assets, open up prospects for further development for the Russian Federation.

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