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Russia has activated the mining market – founder of Canaan

  • Russia has become more active in the mining market, says the founder of Canaan

  • The USA, Russia and Kazakhstan are still far behind China in the mining market

  • The domestic regulator doubts the cleanliness of the national mining pool

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One of the largest Chinese manufacturers of mining devices announced the growth of mining activity in the markets of Russia, the USA and Kazakhstan

Nangeng Zhang, founder and CEO of Chinese mining device manufacturer Canaan Creative (Canaan), believes Russia is actively developing in the cryptocurrency mining market. In the long term, the country is able to squeeze China. The head of Canaan wrote about this in the author’s column Nasdaq.

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According to Zhang, countries such as the United States, Russia and Kazakhstan have begun to contribute to the bitcoin mining industry. Despite the activity in this direction, they are still inferior to China in the distribution of the bitcoin hashrate..

Russia has become more active in the market ...

The total indicators of the three countries so far hover at around 6-7% of the total hash rate of the cryptocurrency, Zhang notes..

Price competitiveness

Although the gap is large, these markets show great potential.

“North America, for example, has proven to be price competitive when it comes to cheap electricity, Texas comes to mind, where electricity costs less than $ 0.02,” he writes..

However, countries will have to work hard to displace China from the leading position in the cryptocurrency market..

Russia has become more active in the market ...

According to the Center for Alternative Finance at the University of Cambridge, about 65% of the world’s bitcoin hashrate is still in China. In order for the country not to lose this status, the authorities need to be more loyal to mining and create acceptable conditions for doing business..

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Thus, Zhang comments on the recent restrictions on miners from Yunnan province. As reported by the editorial staff of BeInCrypto, in early December, the regional authorities decided to disconnect the mining farms from electricity in order to save.

Recall that Yunnan is in third place in the activity of cryptocurrency miners in China after Sichuan and Xinjiang.

National mining

In the meantime, Russia does not see the need to create a national mining pool.

Russia has become more active in the market ...

The editorial staff of BeInCrypto previously reported that the Russian Association of Cryptocurrencies and Blockchain (RAKIB) doubts the regulator’s understanding of the essence of the concept of the National Mining Pool (NMP). The Central Bank of the Russian Federation believes that the IMA is unable to resist the laundering of proceeds from crime and the financing of terrorism.

RACIB President Yuri Pripachkin notes that the motives and arguments of the country’s regulator “have nothing to do” with the IMA.

Despite the lack of a unified position on IMP, Russia has a chance to take a leading position in the bitcoin mining market. This is the conclusion reached by researchers at Xangle Research. The Russian market is reported to have a number of advantages, including a climate suitable for installing equipment, cheap electricity and free land..

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