Bitcoin Mining Revenue in Russia Grew 18 Times in 4 Years Before ‘Worst Quarter’
Russian revenues from the minting of bitcoin saw a multifold increase in the past few years before declining significantly since this past spring. The findings come from a new study which also established that the sector was growing during both ups and downs in the crypto market . $1.4 Billion in Turnover Expected From Russia’s Bitcoin Mining This Year as Business Shrinks The revenue from bitcoin mining in Russia has increased 18 times between 2017 and 2021, according to a new report by computing hardware distributer Intelion Data Systems, quoted by RBC Crypto. During the period, the total grew from 7 billion rubles in first studied year (below $114 million, at current exchange rates) to 128 billion rubles in the last (over $2 billion). According to the research, in the past eight months the bitcoin mining revenue has dropped to just over 57 billion rubles ($929 million), despite a fairly confident start to 2022. The second quarter of the year is actually considered by experts to...