Russia’s top economic adviser, Maxim Oreshkin, believes that crypto assets should be included in the country’s balance of payments statistics, emphasizing that Bitcoin mining is an “undervalued export.” He highlighted that Russian companies are increasingly using cryptocurrency for cross-border imports and selling mined coins, which has a clear impact on the foreign exchange market.
According to Luxor Technology, Russia accounts for about 16% of the global Bitcoin mining hashrate, second only to the US. Sergey Bezdelov, President of the Russian Industrial Mining Association, stated that miners extracted around 55,000 BTC in 2023 and expect 35,000 BTC in 2024 after the halving. These developments indicate the growing role of cryptocurrency mining in Russia’s economy and international trade.
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