Russia’s bitcoin-mining industry is booming through war and sanctions

• Bitcoin mining machines are pouring into Russia amid its war in Ukraine, per CoinDesk.
• As the US market becomes saturated, mining-rig makers have expanded into Russia.
• According to the report, more mining machines are heading to Russia than anywhere else in the world.

The bitcoin mining industry has proven to be an unexpected beneficiary of Russia’s invasion of Ukraine and Western sanctions. Hardware manufacturers, according to CoinDesk, have been doing more business in the country, with more mining machines flowing into Russia than anywhere else in the world. 

Thanks to its cheap energy and cold weather, Russia has long been a hub for bitcoin mining, and after China banned it in 2021, Russia gained even more market share — all of which has continued amid the war.