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Russia going to Ban Bitcoin Mining

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@reeta0119
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Mining is a process to mine crypto coins and through this new bitcoins are generated. Not every crypto is mineable but most of them are in the same category including bitcoin. Mining is a complex process that requires high-end computers and it also consumes quite a big amount of electricity. We know that CPU or GPU processes a high number of tasks then it consumes more energy which results in more electricity consumption. Electricity consumption has been on the mater of conflict in crypto. Earlier China was the leader in bitcoin mining but last year this has got changed and China took the action against crypto. Now this mining process moving through the consumption of green energy but this will take time to achieve 100% green energy consumption for bitcoin mining.

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Today while going through the news update I stopped by one of the articles related to bitcoin mining and there was news that Russia is going to ban bitcoin mining in the country. The reason behind this ban is electricity consumption. As per the new Russia is the 3rd player in crypto mining which means there are thousands of miners in the country and they are contributing to crypto space through proof-of-work.

Russia became the world’s third-biggest crypto-miner last year, according to Cambridge University data. The largest crypto mines are located in the country’s north and in Siberia, where the temperatures are low and there is access to cheap power. BitRiver, Minespot, and BitCluster are among the biggest companies in the industry.

Canada and US are two leading names in the countries and Russia are in the third position. Indeed these countries are adding more value to the crypto ecosystem. There are many countries where mining is going but the volume is not high like these countries have but now Russia leaving the space might create a problem for the miners. China has already banned crypto mining last year in 2021 and no miners exist in China. Its high time when mining needs the power of green energy so that countries don't worry about the electricity issues. Russia has become the world's third-largest crypto miner country last year but seems this will not continue for long. Earlier bitcoin mining was not profitable when the price was 6-7k but now when prices are too high then its much more profitable.

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As of now its an update and it will not be surprised if there is an effective ban on crypto mining in the country. Its difficult to say what will be happening after the ban by Russia. Is it the same going to be like China and Russia going to step away from the crypto revolutions. Let's see how things will be unfolded in the coming days.

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