In January, Users from Russia ranked first in the number of visits to cryptocurrency exchanges Bybit, Huobi, MEXC and Bitget!
On Bybit, the share of users from Russia accounted for 23% of the total number of users last January, on HTX - 10%, on MEXC - 19%. Up to 11% of Russian traffic was also recorded on the Bitget exchange and 7% on the Deribit cryptocurrency options exchange. The largest share of visitors from the US in January was recorded on the Coinbase (58%) and Crypto.com (29%) exchanges.
The top three in terms of volumes were Binance, South Korea's Upbit and OKX. In percentage terms, trading volumes increased the most on Bitfinex (by 20%), Crypto.com (by 16%) and HTX (by 16%).
According to the Bank of Russia, at the end of the second and third quarters, the number of visits by Russian users to the websites of the largest cryptocurrency trading platforms (crypto exchanges, p2p platforms and exchanges) totalled 89.6 million.
By the volume of mining, Russia firmly holds the second place in the world and the share of the Russian Federation for 2023 has increased, passing the mark of 1 gW.
At the end of 2021, according to the Cambridge Centre for Alternative Finance, Russia was outpaced by the United States and Kazakhstan in terms of cryptocurrency mining capacity, a year earlier by China and the United States.
The US continues to lead the world with 3-4 GW of cryptocurrency mining capacity. The top ten largest cryptocurrency mining countries also include the Gulf States (700 MW), Canada (400 MW), Malaysia (300 MW), Argentina (135 MW), Iceland (120 MW), Paraguay (100-125 MW), Kazakhstan (100 MW) and Ireland (90 MW).
Wu BlockchainThe conclusion from all of this is that the delay in the adoption of crypto #legislation and laws related to the #regulation of cryptocurrency mining has had a positive impact on the cryptocurrency market in Russia. In the event of further delay in the #adoption of laws regulating cryptocurrencies, Russia will only increase the pace of development of the global crypto market.
Kazakhstan, which ranked third in the world in mining in 2021, has fallen from 3rd to 9th place in two years after the adoption of regulatory laws on mining.
I urge Russian lawmakers not to rashly pass crypto #laws. There are more important things to do. Let's discuss everything properly, think it over again, gather the opinions of market participants, put bylaws in order so that there are no contradictions.
I think 4-6 years will be quite enough for this. And if this time is not enough, we will add another 3-4 years. If you hurry, you make people laugh. Look, by that time Russia will be ahead of the #US in terms of mining capacity, because in the end, after halving, the role of the outlet price in mining will rise, and in Russia electricity is still cheaper.
In 5 years, #cryptocurrency will become the most important item of foreign #exchange earnings in the country, and the sanctions adopted 125657 more for the same five years will not prevent the preservation of foreign trade turnover and even increase them.
And Russia will become the most convenient place for new crypto exchanges and cryptocurrency projects, outside the zone of influence of insane #SEC managers and long tentacles of American three-letter special services. By that time, perhaps the Central Bank of Russia will be nationalised and it will become engaged only in useful things.
https://www.rbc.ru/crypto/news/65ca38579a7947179d5fd5b8
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