Cryptocurrency

Crypto Mining Companies increases in Russia by 15%

Crypto Mining Companies increases in Russia by 15%

The Russian Crypto Sector is growing fast. The total number of businesses working on Crypto Mining has increased significantly this year. The verification about the data is provided by the nation’s crypto and blockchain association, that has also warned that delayed acceptance of cryptocurrencies would cost Russia a trillion rubles each year.

75,000 Crypto Mining firms in Russia

The Russian Federation, a big country which is rich in energy resources along with cheap electricity has lately become the ultimate crypto mining destination. It lately released statistics revealing that modern sector of the economy is developing rapidly.

As per the details released by the Russian Association of Cryptocurrencies and Blockchain (RACIB), the total number of crypto mining firms have increased by 15% in 1st quarter of 2018, which makes a total of 75,000. Yuri Pripachkin, who is the association’s president stated, “According to the results from the first half of this year, the number of mining enterprises in Russia has increased by 15%, to 75,000. The mining industry already employs 350,000 people. As of July 2018, Russia accounts for about 6% of the world’s mining market, which is 1% more than a year ago, while the US and Canada hold the leading positions.”

Pripachkin declared all the numbers in the first meeting of the conference on Digital Economy of the Federation Council, which is the upper house of the parliament. He also stated that Russia is losing its opportunity to become a digital financial ledger. He emphasized that “digital money is already a given” and nation’s delay in integrating crypto “means a loss of investments of up to 1 trillion rubles a year” (>$15 million USD).

As per above report, the Russian Cryptocurrency Industry is growing at a quick pace, regardless of insufficient comprehensive regulations. The final acceptance of three bills focused on legalizing crypto transactions and activities has been delayed until the fall session of the State Duma, the lower house of the Russian parliament.

Crypto Employment in Russia

Before few days, Russian Crypto Media released information about the employment and remuneration in the fintech sector. As per the statistics, the average salary in the crypto industry has decreased by 40% from 2017 records level however it is still high when compared with the Russian standards, 10times more than the country’s average for certain professionals.

Previously, RACIB declared that 70,000 Russians are employed in the crypto sector, a number which is absolutely more than those hired by mining companies. While Russian job search portals have registered great demand for crypto and blockchain experts, along with PR specialists, software developers, and project managers. In order to fulfill this objective, various Russian universities have started providing educational courses and postgraduate programs on cryptocurrency and blockchain technology.

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About the author

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Ankita Dangat

Ankita has studied Journalism and is Bitcoin enthusiast who loves writing. She is a integral part of the CryptoNewsZ's Reporting Team. She has been following crypto space since 2 years now and understands the nitty-gritty quite well. She largely writes about the hot news revolving around Bitcoin.

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