Expert: Russia’s mining capacities market may soar 500% in 2 years

MOSCOW, Mar 3 (PRIME) -- The Russian market of connected mining capacities may grow 500% over the next two years to 5 GW with its participants waiting for the industry’s regulation, Igor Runets, founder and CEO of large hosting provider for green cryptocurrency mining BitRiver, told PRIME on Friday.

“The Russian market of connected mining capacities may rise to 5 GW from the current 800 MW, which will count more than 1.5 million connected devices. In particular, BitRiver plans to increase the consumed electrical capacity from the current 300 MW to 2–2.5 GW across Russia in the next two years,” Runets said.

The market is waiting in 2023 for progressive and well-balanced mining regulation, which will partly solve the problem of cross-subsidies and incidents on networks caused by uncontrolled retail home mining, the expert said.

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