Russia will become the world's second largest Bitcoin mining center.

Gate News bot news, Gilyar expressed his positive attitude during his speech at the St. Petersburg International Economic Forum (SPIEF). He stated that the Russian mining industry has the potential to increase its capacity by 7 gigawatts (GW) within the next three years. If this goal is achieved, Russia is likely to become the second largest country in Bitcoin hashrate after the United States.

In addition, Gilyar emphasized that competition with the United States will further intensify; however, energy advantages and infrastructure development will contribute to Russia’s rise. Russian state media TASS cited his remarks. He also added that Russia’s vast mining capabilities in the future will attract large corporations and investors.

But this is not without problems. The cryptocurrency mining policy implemented by Russia has not achieved the expected results. Recently, the government introduced relevant regulations to bring these miners into the formal system. Nevertheless, most mining companies are still not registered.

A report from TASS shows that less than 30% of miners are registered with the Federal Tax Service (FTS). This indicates that most of the industry’s operations are still on the fringes. This has led to the government missing out on the tax revenue that the industry should generate, and the industry also lacks proper regulation.