11:40, 4 July 2022 Page views 691 views

Russian miners earned about $1 billion in 2022

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In 2022, interest in mining continues to gain momentum globally amid economic instability. In Russia, mining is becoming an increasingly popular way to earn money despite the fall in the capitalization of cryptocurrencies from $3 trillion to $1 trillion over the past 8 months.

A new version of the bill on mining has already been submitted to the State Duma. The bill is aimed at regulating relations insofar it concerns the specifics of issuing and generating digital currency. In its turn, the Bank of Russia agrees that mining could be legalized, provided that the sale of miners’ proceeds would take place outside Russia.

Experts from the Sk Fintech Hub, the center for innovation in the financial sector, estimated the revenue from mining in 2022 in Russia and globally, taking into account the current distribution of capacities between countries, the exchange rate and the share of bitcoin in the total capitalization of cryptocurrencies. According to the experts, the total revenue of Russian miners of all types of popular cryptocurrencies will reach approximately $964 million this year. Moreover, the revenue from bitcoin (BTC) mining alone in Russia will exceed $410 million in 2022.