Russian Bitcoin (BTC) Miners Minted Billions of Dollars Worth of the Top Crypto Asset in 2023: Report

Bitcoin (BTC) miners based in Russia reportedly mined billions of dollars worth of the top crypto asset by market cap last year.

Bitcoin (BTC) miners in Russia are reported to have generated billions of dollars’ worth of the flagship crypto asset last year.

According to a new Izvestia report, Sergey Bezdelov, the director of the Russian Industrial Mining Association, stated at this month’s Eastern Economic Forum that 54,000 Bitcoin were mined within Russia’s borders in 2023, amounting to over $3 billion.

The Bitcoin mining activities also brought in an additional 50 billion rubles ($552 million) in tax revenue for the Russian government, according to Bezdelov.

Bezdelov also anticipates that new crypto regulations, which were signed into law last month by Russia’s President Vladimir Putin and officially permit Bitcoin and digital asset mining, will lead to greater investment in mining operations.

“New investors will come,” says Bezdelov.

notably, as reported by a Russian news outlet Kommersant in April 2023, for the first time, Russia became the second-largest Bitcoin miner among all nations globally, with the United States still holding the top spot.

Russia has also made recent strides in crypto adoption.

Last month, Bloomberg reported that the Russian government is looking to use digital tokens for cross-border transactions to help ease payment difficulties for its companies that have been impacted by international sanctions on the country.

According to people “with knowledge of the matter who asked not to be named discussing private information,” when testing payments and the exchange platform, Russia will try to use the National Payment Card System (NSPK) to trade rubles and crypto assets.

Also in August, Reuters reported that lawmakers in Russia passed a bill to allow the nation to use cryptocurrency in international trade, which is set to come into effect this month.

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