According to Gis Mining’s Vasily Girya, Russian Bitcoin mining has the opportunity to secure it by raising the second spot in the Bitcoin hashrate. Despite recent restrictions, Giriya says the entrance to a new, large economic group will activate the Russian mining ecosystem.
Despite current headwinds, Russia could rise as the second Bitcoin mining power
Bitcoin mining is experiencing significant growth in Russia as more political parties recognize and enter the ecosystem. This is the opinion of Vasily Girya, CEO of GIS Mining, a domestic mining data center operator.
At the St. Petersburg International Economic Forum (SPIEF), Giriya highlighted the potential for growth in Russia’s Bitcoin mining, saying it is experiencing significant expansion over the next few years.
He was quoted by the official Russian news agency Tass, stressing:
Over the next three years, the Russian mining sector will increase its production capacity to 7 GW and confidently secure a global second place in Bitcoin mining, but competition with the US will be significantly strengthened.
Several factors contribute to this possibility: the entry of new large financial groups into the Bitcoin ecosystem and the future legalization of Bitcoin trading. In this regard, Russian authorities have already taken the first steps by allowing banks to provide eligible investors with crypto-based investment vehicles.
Another important factor in this growth is the development of self-sufficient mining facilities with privately owned power plants. This will allow miners to bypass recent seasonal restrictions imposed by the Department of Energy in 13 regions, reduce grid loads and avoid power outages.
The Department of Energy has made its priority to social and corporate use of energy. Nevertheless, the area offers benefits to miners due to the cold weather and the low cost of energy provided by the state.
Other favorable factors that have been recognized by Putin himself a few years ago include “electricity surplus” and “well-trained personnel available.”
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