Cryptocurrency mining companies in Russia reaches 75,000 mark in H1 2018

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August 2, 2018 by
Cryptocurrency mining companies in Russia reaches 75,000 mark in H1 2018

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

Russia seeing the crypto boost
The country has actually currently seen a 15% increase in the variety of crypto mining business in the initial half of the present year. The Russian Organization of Cryptocurrencies and also Blockchain (RACIB) reported that the figure of the crypto mining firms has actually skyrocketed 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 as well as Blockchain, stated: “According to the results from the initial fifty percent of this year, the variety of mining enterprises in Russia has boosted by 15%, to 75,000. The mining sector currently employs 350,000 individuals. Since July 2018, Russia represents about 6% of the world’s mining market, which is 1% more than a year back, while the US and Canada hold the leading positions.”

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The rise in the variety of crypto users as well as owners in the nation, confirms the country has taken a deep interest in electronic currencies that has actually resulted in the growing understanding as well as knowledge about cryptocurrency among the country’s residents. The upward fad likewise suggests that the country will perhaps grow a lot more in the future when it comes to the adoption of cryptocurrencies.

A word of care for Russia
Nevertheless, the organization has also dropped a word of care, specifying that the hold-up in the fostering of cryptocurrencies in the country might also describe “a loss of financial investments of approximately 1 trillion rubles a year”, which is around $15 million.

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