Russian crypto mining is showing growth due to new projects and favorable Bitcoin price forecasts. Demand for cryptocurrency and infrastructure development contribute to this process.
Increase in Crypto Mining Capacity in Russia
According to a report, Bitcoin mining capacities in Russia continue to grow, linked to high prices for the cryptocurrency. GIS Mining CEO Vasily Girya expressed that Bitcoin could reach $130,000 by late summer. The opening of a new 30 MW farm underscores this growth. Demand for new capacities of up to 100 MW is described as unprecedented.
ELR Pilot Project for Institutional Investments
Under the pilot program of the Central Bank of Russia known as ELR, developers of mining farms can legally send BTC to registered exchanges, allowing for cross-border transactions. This approach bolsters institutional investments in the crypto space and ensures protection against sanctions.
Issues of Illegal Mining and Enforcement Measures
Cases of illegal connections of mining rigs to power grids have been recorded in Buryatia. Authorities report increased fines and equipment seizure measures as approximately 70% of miners remain unregistered following legislative changes in 2024.
Crypto mining in Russia continues to develop, creating groundwork for Bitcoin price growth. Increasing institutional demand and government support contribute to optimistic forecasts. Despite issues with illegal mining, the overall trend remains positive, making predictions of Bitcoin reaching $130,000 more realistic.
