15:51, 1 November 2021 Page views 464 views

Russia becomes world’s third-largest bitcoin mining hub

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Russia accounted for 11% of the total miners’ computing facilities in August, compared to 6.8% in April, according to a study conducted by the University of Cambridge.

With its share of 35.4% in the world's bitcoin mining, the United States is the leader, followed by Kazakhstan (18%), the study reports.

Meanwhile, the share of China, which has been the largest mining centre until recently, fell from 46% to zero in four months. The collapse resulted from a crackdown on the crypto mining launched by the country authorities, which forced the mining companies to stop operations and move overseas.

In September, the Chinese authorities imposed a complete ban on cryptocurrency transactions and equated them with illegal financial activities.

Source: RBC