Russia surpassed Kazakhstan to become the second-largest bitcoin mining power by generating 1 gigawatt of mining power in the first quarter of 2023.
According to Bitriver’s data, cited by The Moscow Times, Russia became the second-largest bitcoin mining provider in the world by the end of the first quarter of 2023.
The U.S. retains its top spot as the leading country in bitcoin mining industry with a mining capacity of 3-4 GW. Russia follows closely with 1 GW, while the Gulf countries rank third, with a combined mining capacity of around 700 MW. Other countries on the list include Canada, Malaysia, Argentina, Iceland, Paraguay, Kazakhstan, and Ireland.
In the past, Russia was third in the rankings for mining power generated, with Kazakhstan in second place. However, by the end of 2021, Russia surpassed both the U.S. and Kazakhstan in new mining capacity.
The ranking of leading bitcoin mining countries is significantly influenced by regulatory changes that occur in these countries. Kazakhstan provides a vivid example of this phenomenon.
At the end of 2021, Kazakhstan was the world’s second-largest mining power, accounting for 18% of the global hash rate. However, the country experienced an energy crisis towards the end of the year, which led the government to focus its attention on the mining industry.
