Russia Says There’s a 15% Increase In Crypto Mining Firms

Russia Says There’s a 15% Increase In Crypto Mining Firms

The cryptocurrency industry is rapidly expanding in Russia . It is a vast country that has a rich repertoire of resources including cheap electricity. Recent statistics show that this sector is rapidly developing in Russia.According to the Russian Association of Cryptocurrencies and Blockchain, the number of crypto mining firms has increased by 15% in the first half of 2018 and has reached up to 75,000. Yuri Pripachkin, the president of the association commented,

According to the results from the first half of this year, the number of mining enterprises in Russia has increased by 15%, to 75,000. The mining industry already employs 350,000 people. As of July 2018, Russia accounts for about 6% of the world’s mining market, which is 1% more than a year ago, while the US and Canada hold the leading positions.

Pripachkin shared this information with the reporters on the sidelines of the first meeting of the Council on the Digital Economy of the Federation Council, the upper house of the Russian Parliament. However, not everything that he said about the development of this industry in Russia was positive. He warned that Russia actually missed the opportunity to be a digital financial leader. He emphasized that digital money is ‘already a given’ and Russia’s delay in accepting it and adopting it translates to a loss of more than 1 trillion rubles a year which is greater than $15 million.

To prove this, he quoted a Morgan Stanley report according to which the top five countries by trading volume in the first half of the year were Malta, Belize, Seychelles, United States and South Korea. The top five countries by the number of crypto exchanges were United Kingdom, Hong Kong, United States, Singapore, and Turkey. Russia is not included in either of these rankings. However, the president did mention that the number of crypto users in Russia has increased from 2.5 to 3 million.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.