Cryptocurrency mining companies in Russia reach 75,000 mark in H1 2018 20130
News
Madhurima Roy
Aug 2, 2018 at 3:50 PM

Russia has made the headline in the crypto world as its sector is intensifying. The list of the number of businesses operating in crypto mining has grown longer this year already.

Russia seeing the crypto boost

The country has already seen a 15% rise in the number of crypto mining companies in the first half of the current year. The Russian Association of Cryptocurrencies and Blockchain (RACIB) reported that the figure of the crypto mining companies has shot up to a total of 75,000.

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As reported by Bitcoin.com, Yuri Pripachkin, the President of The Russian Association of Cryptocurrencies and Blockchain, said: “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.”

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The rise in the number of crypto users and owners in the country, confirms the country has taken a deep interest in digital currencies that has resulted in the growing awareness and knowledge about cryptocurrency among the country’s citizens. The upward trend also indicates that the country will possibly grow a lot more in the future when it comes to the adoption of cryptocurrencies.

A word of caution for Russia

However, the association has also dropped a word of caution, stating that the delay in the adoption of cryptocurrencies in the country might also refer to “a loss of investments of up to 1 trillion rubles a year”, which is around $15 million.

 

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