February 27, 2024

Russia takes first place in the world in cloud mining

Russia takes first place in the world in cloud mining

The future of cloud mining for Bitcoin is the future, according to a new report from TokenInsight released on Friday.belongs to Russia, not China. This statement refutes the conventional wisdom that China is the only dominant player in the bitcoin mining industry.

When cloud mining Bitcoins, usersrent a computer system owned by someone else and use the hashing power of the computer to mine cryptocurrencies. Accordingly, the user does not need to worry about the initial costs of mining, that is, purchasing a special mining rig and finding a place to place it.

By analyzing user behavior on sites forBitcoin cloud mining in TokenInsight found that, despite the fact that the number of monthly unique visitors in mainland China is quite high, attendance in Russia is higher.

«This reflects the strong interest in cloud mining products outside of China», Says TokenInsight analyst Johnson Xu.

In fact, according to data received from SimilarWeb,the number of unique visitors per month in Russia is almost double that of mainland China. The number of unique visitors among Russians is approximately 130,000, while mainland China shows about 80,000. They are followed by Ukraine with 56,000 unique monthly users.

In the report, this is explained by “concessions to Russian cryptocurrency policies and weather benefits, namely the cold climate”.

In addition, Xu said the network hashrateBitcoin, through which complex computing processes can generate bitcoin, is concentrated mainly in mainland China, which reduces the potential demand for cloud mining of bitcoins domestically. In the end, why should Chinese miners bother using the cloud when the country already has the infrastructure to create their own mining installations?

Xu believes that a market outside of China will develop due to increased awareness of crypto mining and the fact that markets outside of China are less saturated with mining products.

For those consideringinvesting in cloud mining bitcoins, whether it be a Russian or someone else, in the TokenInsight document gives advice: act on the principle of "all or nothing." About 60% of all Bitcoin cloud mining contracts are concluded for a period of six months to a year, since in the longer term, the complexity of Bitcoin mining can greatly increase and it will be more profitable to buy new cloud contracts for high power.

You can find the rating of the most reliable cloud mining services from the portal Mining-Cryptocurrency.ru.

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