As Bitcoin prices soar and new regulations take effect, Russian interest in crypto trading grows.
Bitcoin’s Boom Sparks Russian Interest
Russian internet traffic to major cryptocurrency exchanges rose by 8% in early November, driven by Bitcoin’s impressive 45% price gain and new crypto mining laws, according to a report from MegaFon, one of Russia’s largest telecom firms.
Globally, top crypto platforms saw traffic increases of 8% to 10% during the same period, aligning with the rising crypto market activity. Russian users contributed up to 30% of this traffic, MegaFon noted.
Key Exchanges See a Traffic Surge
Among crypto platforms, Deribit reported a massive 126% traffic increase in Russia, while HTX (formerly Huobi) and KuCoin saw gains of 24% and 23%, respectively.
However, some platforms faced traffic declines, with Gate.io dropping 26%, Upbit 6%, and Kraken 4%, illustrating a varied impact across the industry.
New Mining Regulations Fuel Activity
Russia’s new crypto mining law, effective November 1, also contributed to the increased interest. The law permits mining only for registered entrepreneurs and organizations, while restricting non-registered individuals to a consumption limit of 6,000 kWh per month.
Further, temporary mining bans in energy-strapped regions will commence in December and extend until March 2025, adding urgency to crypto-related activities in the nation.
Russia’s Growing Role in the Crypto Space
As Bitcoin continues its climb, Russia’s involvement in the crypto ecosystem highlights the country’s rising engagement with digital assets, despite regulatory hurdles. MegaFon’s data underscores the evolving relationship between Russia’s financial landscape and global crypto trends.
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