The world’s leading crypto-currency exchange, Binance, announced Friday that it is looking to increase its hashrate on its farms in Russia and Central Asia. The firm wants to implement a node of its physical server BitRiver, which is the largest in the region and is located in Bransk, Russia.
According to the firm, users in that area of the planet who switch to Binance will enjoy outstanding advantages. For example, they would have a better connection and direct route to their mining group.
In turn, Binance would get access and exposure from customers operating their ASICs with BitRiver. This server currently handles a load power of 70 MW out of a total capacity of 100 MW.
Russia among the world’s leading mining centers
The Russian Federation, according to the mining map of the Centre for Alternative Finance of the University of Cambridge, ranks third in the world in Bitcoin hashrate. With a 6.90%, Russia is only surpassed in power by the giant China and by the USA, a country where this business shows a solid growth.
According to this same map, another important mining epicenter is located in this region of Central Asia: Kazakhstan. This nation occupies the fourth place in the world after Russia and generates 6.17% of the total hashrate of the most important of the crypto currencies.
The top ten countries with the greatest hashrate power are other territories such as Germany, Norway, Iran, Malaysia and Canada. On the Latin American side, Venezuela is also part of that top, with 0.42% of the total hashrate. This Latin American country has the characteristic of providing electricity service practically free of charge.
Binance seeks to improve its hashrate, promoting the growth of its BitRiver server in Eurasia.
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Binance seeks to consolidate its position by increasing its hashrate in Eurasia
Although the vast majority of Bitcoin Rejoin major mining companies are of Chinese origin, or are related to that nation indirectly. Binance can boast that it is one of the leading companies in handling state-of-the-art equipment.
Currently, Binance has a hashrate of about 100 Ph/s in the aforementioned BitRiver alone. It should be taken into consideration that, despite this high hash amount, it only represents 1% of the total on the planet.
Despite this, Binance’s strategy to improve its hashrate is based on an aggressive campaign. The objective is to absorb miners from different regions of the world in the same way as they are doing in Central Asia.
In this sense, Igor Runets, CEO of BitRiver, said that „Binance pool offers an advantageous rate structure, which is highly competitive for miners in the institutional scale, who are our customers.
Thus, according to Runets‘ estimate, 50% of the customers could switch to Binance in a short period of time. This would help in the exchange’s strategy of improving its hashrate. Also, these new customers would come from BTC.com, the main mining pool belonging to Bitmain.