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Russia lost its market share in mining even before the imposition of sanctions

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The US is leading the cryptocurrency mining market. Russia lost its market share even before it was hit by Western sanctions. Such data is provided by the Cambridge Center for Alternative Finance.

According to CCAF, more than a third of the total mining volume in the world is in the United States of America. They occupy 37.8% of the market. The United States is followed by China. Despite the fact that mining in China faced problems, the market recovered quite quickly. After the Chinese authorities outlawed mining, it dropped to almost zero. But in January 2022, it already gained 21% of the total global volume.

Kazakhstan closes the top three. It accounts for 13.2% of mining. This is followed by Canada, and Russia got only the fifth place. The hash rate in our country does not exceed 4.7% of the global market.

Last summer, when mining in China almost completely stopped, Russia’s share reached 12%, but then the Russian Federation began to lose ground. Complicates the situation and the geopolitical situation. According to experts, now Russia has practically no space for increasing mining in the country.

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