Number of Russian Crypto Mining Companies Grew by 15%

August 2, 2018

Despite the falling prices, the cryptocurrency industry is developing in Russia. More and more companies start mining cryptocurrency, more and more Russians buy their first cryptocurrency. Russian Association of Cryptocurrencies and Blockchain (RAKIB) reports, that the Russian government loses 3 trillion rubles every year they postpone the full-scale integration of new technology. 

RAKIB says, that the number of cryptocurrency mining companies in Russia grew by 15% in the first half of 2018 and now equals 75,000 companies. Russia has many cheap sources of energy, which helps the development of this industry. The number of Russians who own cryptocurrency also grew from 2.5 million to 3 million.

The president of RAKIB Yuri Pripachkin told Prime:

"According to the results from the first half of this year, the number of mining enterprises in Russia has increased by 15%, to 75,000. The mining industry already employs 350,000 people. As of July 2018, Russia accounts for about 6% of the world’s mining market, which is 1% more than a year ago, while the US and Canada hold the leading positions."

The development of the industry occurs despite the lack of crypto regulation on the country. The State Duma of Russia will address the issue only in autumn. However, nothing can stop the growing interest to cryptocurrency in Russia. Some universities already launched additional blockchain and cryptocurrency courses for their students.


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