74% of Russians Have Heard About Bitcoin and Cryptocurrencies, Survey Shows

A recently conducted survey has shown that while most in Russia have heard about cryptocurrencies, only 2% claimed to have already invested in the cryptocurrency ecosystem. Some, on the other hand, believe these were illegal in the country.

The survey, conducted by the state-owned Russian public Opinion Research Center (VTsIOM), interviewed 1,600 Russians aged 18 via telephone earlier this month, and found 56% of respondents know about bitcoin, while 18% claimed to have heard of the term.

Notably, only about 9% of respondents revealed they had detailed knowledge about cryptocurrencies. About 37% of those who heard about bitcoin noted they are sure anyone can buy cryptocurrencies, while 12% believe they are banned in Russia.

Currently, cryptocurrencies are unregulated in the country. Younger generations showed a higher level of awareness when it comes to cryptocurrencies, as 67% of 18 to 24 year-olds revealed they’re aware of them. Only 2% of these actually bought crypto.

Although the Russian public has shown it hasn’t been too directly invested in the cryptocurrency space, the country’s government has been increasingly focusing on it. As covered, its Prime Minister Dmitry Medvedev noted the space was “still interesting” despite last year’s bear market.

In February, Russia’s former Energy Minister, Igor Yusufov, reportedly proposed the development of an oil-backed cryptocurrency to the State Duma. Reports have also suggested the country is looking to use bitcoin to bypass sanctions.

Notably, Russian social media giant Vkontakte (VK) has reportedly launched a “mineable” virtual currency its users can earn on its platforms, although it’s unclear whether the currency is blockchain-based.

Bitcoin Hashrate Hits New Record as New ASIC Miners Brought Online

Neil Dennis

Bitcoin's hashrate - the computing power dedicated to mining the world's biggest cryptocurrency by market capitalization - hit another record high as thousands of new miners came online in the last few months.

Data from bitcoin mining pool BTC.com showed another milestone level passed. At block height 594,720 , the average hashrate jumped to 85.08 exahashes per second (EH/s), smashing the previous record rate of 77.08 EH/s on September 1.

Mining Difficulty

As ever more powerful mining rigs come online and compete for bitcoin rewards, the hashrate increases as the network's blockchain adjusts its mining difficulty to ensure the time to produce a single block remains the same - around 10 minutes.

On Friday September 13, the difficulty rate also hit a new record high of 11.89 trillion, up from the previous 10.77 trillion as measured on September 1.

Powerful new application-specific integrated circuit (ASIC) miners have an average hash power of about 55 terahashes per second (TH/s). Given that 1 EH/s is equal to 1 million TH/s it can be estimated that since June 14, when the hashrate stood at 53.03, the extra 33 EH/s may be accounted to around 600,000 new ASICs added to the total bitcoin mining pool in those three months.

Just last week, two new Bitmain ASIC models hit the market only to be sold out instantly.


Featured Image Credit: Picture Courtesy of Bitmain