The report states that the Russian crypto mining sector could see significant growth in the coming years, specifically an increase of around 20 to 40% by 2024. The growth potential is attributed to a number of factors including cheaper electricity prices, cold climate (which aids in running the mining hardware), and a fairly lenient regulatory environment.
Additionally, certain regions in Russia, especially those with surplus energy, look attractive for setting up mining farms. Currently, crypto mining isn’t directly addressed in Russian law, making it a grey zone that miners can take advantage of. However, regulation dynamics could potentially change in the future, which would affect this outlook. Moreover, the geopolitical position of Russia also makes it a potentially safer bet for crypto operations, as it may be less prone to regulatory pressures from Western governments.
Given these possibilities, investors and mining companies could potentially find the prospect of setting up operations in Russia attractive. However, as always, businesses should thoroughly assess the potential risks and rewards fitting to their specific circumstance and risk tolerance.
