Many countries all over the world are using cryptocurrencies to sidestep the economic sanctions on them. Prime among them being Venezuela, Russia. However, there is no concrete evidence that these countries might be using cryptocurrencies and blockchain to do so. There are just some reports that there might be using cryptocurrencies to sidestep these sanctions.
Will some countries adopt crypto mining on a national scale?
Russia certainly has a significant number of hydroelectric plants all over the country. In some parts, it produces excessive electricity. That is why it definitely has the resources to run those cryptocurrency mining firms. In fact, with the help of such large projects on a national scale, it will be possible for Russia to lower the cost of cryptocurrency mining. When that is the case, the profit which the Russian crypto farms will be able to make will be higher as compared to any other cryptocurrency miner. They will be able to break even at a lower rate. It will ensure that they are more competitive as compared to the other companies which are operating in the cryptocurrency mining space.
If they are set up at a large scale, Russia will not only be able to bolster up its tax revenues but also have a significant stake when it comes to hashing power of most of the popular cryptocurrencies. It will once again more cryptocurrencies towards centralization rather than decentralization. However, there is not much concrete information regarding the scale as well as the timeline in which these projects will be set up.