Russia Ranks Second in Global Bitcoin Mining Power Capacity.

Russia has become the second-largest Bitcoin mining sector in the world after the USA, with a mining capacity of 1 gigawatt in Q1 2023. The US is facing challenges due to rising electricity prices and the abolition of tax incentives, while the tax and regulatory environment has become less hospitable for crypto miners. The Treasury Department has proposed a 30% excise tax on the cost of powering crypto mining facilities, citing negative environmental impacts. Meanwhile, Russia is subsidizing a new 100-megawatt mining center in eastern Siberia, which will pay no land or property taxes and receive subsidized electricity.