Could Russia turn to bitcoin mining to diversify its exports?
Some speculate that the heavily sanctioned Russian government could turn to bitcoin mining to gain export income. How likely is this scenario?
Source: IEA, CoinMetrics, Cambridge Centre for Alternative Finance
Russia is the world's leading natural gas exporter and the second-largest oil exporter. With these exports making up 45% of their federal budget, where more than half of them go to sanctions-committed Europe, Russia may want to diversify its export income.