BitRiver – Bitcoin Mining More Profitable in Russia Than US
The head of Russia’s biggest crypto mining firm says that Bitcoin (BTC) mining is more profitable in his country than in the United States – and that halving will only heighten the discrepancy.
Per RBC, Igor Runets, the Founder and CEO of BitRiver, said the difference would likely become more noticeable after the next BTC halving event.
The event is likely to take place in April this year, and is expected to lead to a 50% reduction in miners’ block rewards.
Runets claimed that “on average” Russian crypto miners currently spend about $15,000 per Bitcoin mined.
And he said their United States-based counterparts spend an average of $23,000 to mine BTC 1.
However, BitRiver calculates that after halving, Russian miners will need to spend $24,000 per Bitcoin.
Meanwhile, American miners, Runets explained, would likely need to spend $37,000 to mine BTC 1.
Analysts elsewhere in the world have recently predicted that miners’ production costs will rise to just short of the $38,000 mark.
Runets added that the Russian “industrial crypto mining industry” has “undeniable advantages over the United States.”
He claimed that Russian miners could access “a significant amount of free capacity,” and enjoy a “predominantly cold climate.”
The CEO added that Russian miners can “generally” access “more attractive prices for electricity” than their US counterparts.
Runets also claimed that Russia’s “energy balance” was “one of the greenest in the world” due to the nation’s “high share of hydroelectric and nuclear power plants.”
And the BitRiver chief said that if Russian miners wished to make use of these advantages they would need to “use modern, efficient, and high-performance equipment.”
He also called on the sector to pursue “production innovations” and
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