Anna Baydakova discusses Russia's dramatic shift toward Bitcoin, covering mining legalization, the crypto exodus, sanctions impact, and how Russians use Bitcoin to survive economic isolation and preserve wealth amid political repression.
Anna Baydakova, Senior Reporter at CoinDesk joins us to talk about Russia's complex relationship with Bitcoin. From Putin's surprising embrace of crypto mining to the grey market of mining rig distribution, Anna reveals how sanctions transformed Russia's crypto landscape. We explore Siberian mining operations and why Russians increasingly turn to Bitcoin as both protest and preservation against an authoritarian regime.
Link to the full report: https://blockspace.media/insight/in-between-worlds-the-state-of-bitcoin-mining-in-russia/
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Notes:
• Russia legalized Bitcoin mining in November 2024
• Hash rate dropped 10-15% after Ukraine invasion
• Electricity costs $0.02-0.04/kWh in Siberia
• Putin shifted from anti-crypto to pro-mining
• Telegram channels became primary crypto platform
Timestamps:
00:00 Start
01:16 Russia mining overview
02:56 Past 3 years of growth
08:30 Top Russian Miners
09:11 Mining "ban" is complicated
13:30 Who owns these miners?
17:31 Sanctions & War
23:23 Grey ASIC market
26:36 Wrap up
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