Russia has become the world's second-largest provider of Bitcoin (BTC) mining power, generating 1 GW of mining power in Q1 2023, according to data from Bitriver. The US remained the leading country with 3-4 GW of mining capacity, while the Gulf countries ranked third with around 700 MW of combined power.
Regulatory changes have heavily affected the ranking among BTC mining leaders, with Kazakhstan's changing attitude towards mining likely contributing to Russia's advancement in the charts.
Kazakhstan, previously the second-largest mining power, saw a decline in its mining capacity due to an energy crisis, which led to discouraging measures against miners, such as cutting off their power supplies and tightening the regulatory framework. Experts predict that Russia's mining activities will continue to grow due to its cold climate and cheap electricity, while the US' stance on BTC mining remains to be seen.
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