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The Invasion of Ukraine has Left Bitcoin Mining in Russia Unaffected

Russia accounts for approximately 11% of the hashpower in the blockchain network.

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The Invasion of Ukraine has Left Bitcoin Mining in Russia Unaffected

In short

  • According to hashrate, Russia is third in Bitcoin mining.

  • After the invasion of Ukraine, its share has remained steady.

  • The Bitcoin network would be slightly less secure if Russian miners suddenly went offline.

Three countries account for more than half of the Blockchain network's computing capacity: the U.S. and Kazakhstan. The latter state is currently waging war against Ukraine. Crypto industry watchers are now monitoring for disruptions to the network.

While Bitcoin mining in Russia is stable at the moment, sanctions could affect the calculations of miners, who come into regular contact exchanges as they trade BTC for cash.

The Cambridge Centre for Alternative Finance stated that Russia was responsible for more than 11% global Bitcoin hashrate in July 2021. Hashrate refers to the computing power that is dedicated to the network. "Miners" use specialized hardware to run software and try to win newly minted BTC. In doing so, they help protect the network from attacks.

Will Foxley from Compass Mining stated that much of Russian bitcoin mining is powered in part by domestic natural gas and [hydroelectric power] from Siberia. Decrypt. "It is unlikely that hashpower will go offline, unless there are sanctions against pool providers."

Whit Gibbs, CEO of Compass Mining, stated via Twitter that his company's facilities in Russia were "well isolated from geopolitical turmoil."

If a large number of Bitcoin miners suddenly went offline, as was the case with China at the beginning of last year, the network would become less decentralized, and therefore, a little less secure. However, Bitcoin has not been hacked.

Although mining started as a hobby, you could still run the Bitcoin software from your home computer and make some BTC. However, it has since evolved into a multibillion-dollar industry that is dominated by pool-mining. This applies not only to Bitcoin, but also to Ethereum as well as other blockchains.

FlexPool was one of those teams. It announced today that it would stop people with Russian IP addresses from participating Ethereum mining. FlexPool provides more than 5% of the hashpower for the Ethereum network, ranking fourth of all pools. It said that it had apologized to Russian miners and that many of you don't support the war. Your nation is supported by you, however. Russia can't function without its people.


 

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