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Cryptocurrencies

Crypto mining businesses to become popular in Russia

Friday 3 August 2018 | 12:54 PM CET

The number of businesses operating mining facilities in Russia has increased in 2018, as more Russians own cryptocurrency, according to Bitcoin News.

The Russian Federation, a vast country rich in energy resources including cheap electricity, has what it takes to become a major crypto mining destination. Recently released statistics show that this modern sector of the economy is rapidly developing.

The number of crypto mining companies has increased by 15% in H1 2018 to a total of 75,000, according to the Russian Association of Cryptocurrencies and Blockchain (RACIB). 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.

At the same time, RACIB claims the number of Russians owning cryptocurrency has increased in 2018 from 2.5 to 3 million.

Earlier, RACIB announced that 70,000 Russians are employed in the crypto sector, a figure that could exclude those hired by the mining companies, the online publication continues. Moreover, according to Russian crypto media, the average salary in the industry has fallen by 40% from the 2017 record levels but, nevertheless, it remains relatively high for Russian standards, 10 times higher than the country’s average for certain professionals.

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