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Russia's summer mining power accounts for over 16% of the global total, and mining activity may strengthen the ruble exchange rate.
BlockBeats News, December 22nd, Elvira Nabiullina, the Governor of the Central Bank of Russia, recently stated that cryptocurrency mining may be an additional factor contributing to the strengthening of the ruble exchange rate, but the specific impact is difficult to quantify. Previously, Maxim Oreshkin, Deputy Head of the Russian Presidential Executive Office, pointed out that underestimating the financial flows related to mining and cryptocurrency has led to inaccurate forecasts of the ruble exchange rate, which has already had an impact on the foreign exchange market. The Bank of Russia is assessing the cryptocurrency and mining markets and is considering incorporating this data into the international balance of payments.
Furthermore, according to the Russian Industrial Mining Association (IMA), Russia ranks second in the world in the mining sector, accounting for over 16% of the global hash rate in the summer.
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