Cryptocurrency mining surges in Russia

According to Coindesk, despite declining profits, the number of people participating in the cryptocurrency mining industry in Russia is still growing rapidly.

Data from the Russian Association of Cryptocurrency and Blockchain shows that from the beginning of the year to now, the number of new companies involved in Bitcoin and altcoin mining in Russia has increased by 15%, including 75,000 organizations and 350,000 people. At the same time, mining profits have also plummeted. Economist and Bitcoin investor Tuur Demeester said that Russia's mining profits plummeted by 90% in the first half of 2018, largely due to increased competition within the country.