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 actually made the headline in the crypto globe as its industry is intensifying. The checklist of the number of companies running in crypto mining has expanded much longer this year already.

Russia seeing the crypto boost
The nation has actually currently seen a 15% increase in the number of crypto mining companies in the first half of the present year. The Russian Association of Cryptocurrencies and also Blockchain (RACIB) reported that the number of the crypto mining business has soared to a total amount of 75,000.

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As reported by, Yuri Pripachkin, the President of The Russian Organization of Cryptocurrencies and also Blockchain, stated: “According to the results from the very first fifty percent of this year, the number of mining ventures in Russia has raised by 15%, to 75,000. The mining market currently employs 350,000 people. Since July 2018, Russia represents around 6% of the world’s mining market, which is 1% more than a year earlier, while the United States and Canada hold the leading settings.”

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The increase in the variety of crypto users and owners in the nation, confirms the country has taken a deep interest in electronic currencies that has led to the expanding awareness as well as knowledge about cryptocurrency among the nation’s citizens. The upward fad additionally suggests that the nation will potentially expand a great deal extra in the future when it pertains to the fostering of cryptocurrencies.

A word of care for Russia
Nonetheless, the association has likewise dropped a word of care, stating that the hold-up in the adoption of cryptocurrencies in the country might likewise describe “a loss of investments of up to 1 trillion rubles a year”, which is around $15 million.

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