Russian Cryptocurrency Mining Business is On the Rise, 15% Reported Increase

The Russian crypto sector is growing. New data shows that the number of crypto mining firms has grown this year. Besides that, it shows that there are more Russians who own crypto than ever before. The nation’s crypto and blockchain association released this data. It also noted that a delay to embrace digital financial technology was costing Russia a billion rubles annually.

Russia Has Great Potential

Russia is a large nation with vast amounts of energy resources and cheap power supply. The country has all the right ingredients to become a leading destination for crypto mining. In H1 2018, the number of crypto mining firms had grown by 15% to reach 75,000.

This industry also employs about 35,000 people in Russia. Russia accounts for about 6% of all global mining despite being a relatively small nation in terms of population. This is one per cent larger than a year ago. The US and Canada hold leading positions respectively.

Russia Is Missing a Major Opportunity

This report was shared on the sidelines of the first meeting of a Council on the Digital Economy of the Federation Council, which is Russia’s upper house. However, the report warned that Russia was quite slow to adopt the digital technology. As a result, this would cost the Russian economy a loss of about 15 million USD per year.

One of the reasons given for this was a recent report by Morgan Stanley. It showed that the top five countries in the crypto in H1 2018 were Belize, Malta, Seychelles, the US, and South Korea. By the number of crypto exchanges the UK, Hong Kong, USA, Singapore, and Turkey were leading. It was noted that Russia was not in any of these groups. The total number of Russians that own crypto has grown from 2.5 million to three million according to the report.

Crypto Regulation Expected This Fall in Russia

The report confirmed that the crypto sector in Russia was growing rapidly. This is despite the lack of meaningful regulation. Final adoption of three bills to legalize crypto has been postponed until a full session of the Duma, the lower house of Russia.

In July, the crypto media in Russia published data on the remuneration and employment in the fintech industry. The data showed that salaries in the sector had fallen by 40% from the 2017 record levels. However, it was still ten times higher than the nation’s average for certain professions.

An earlier report had shown that over 70 thousand Russians work in the crypto sector. However, this figure excluded those that were hired by mining companies. Meanwhile, there is strong demand for crypto and blockchain experts on Russian job search sites.

The requests are for blockchain experts, crypto experts, software developers, PR specialists, and project managers. In response to this need for qualified crypto experts, universities in Russia have begun to adapt. Some of them are now offering educational courses and some postgraduate programs on crypto and the blockchain technology.

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