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Bitcoin mining in Russia largely unaffected amid Ukraine invasion

2022/02/24 23:54

According to Decrypt, over half of the Bitcoin network's computing power comes from three countries: the U.S., Kazakhstan, and Russia. Now, the latter state is pursuing war with Ukraine, leaving crypto industry watchers checking for any disruptions to the network. For the moment, Bitcoin mining in Russia remains mostly stead. According to the Cambridge Centre for Alternative Finance, Russia was responsible for over 11% of the global Bitcoin hashrate as of July 2021. "Much of Russian bitcoin mining is powered by domestic natural gas or hydroelectric power in Siberia," Will Foxley of Compass Mining said. "It's unlikely that hashpower goes offline, unless sanctions influence pool providers."
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