Russia reportedly overtakes Kazakhstan to become the 2nd largest Bitcoin mining country.
Bitcoin mining is the process by which Bitcoin transactions are validated digitally on the Bitcoin network and added to the blockchain ledger. It is done by solving complex cryptographic hash puzzles to verify blocks of transactions that are updated on the decentralized blockchain ledger.
Experts at BitRiver attribute the positive trend in mining capacity to the restrictions imposed on mining activities in Kazakhstan and, earlier, in China due to electricity shortages. On February 6, 2023, President Kassym-Jomart Tokayev signed a law on digital assets thatWEF’s promo video shows Bitcoin mining, but leaves out the B-word
According to the report, the new legislation will provide a sense of security for mining industry players to plan their operational and financial activities, execute major projects, draw investments, and advance related sectors of the Russian economy, specifically the electric power and information technology industries.
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