Increases in Bitcoin prices and recent crypto mining regulations have sparked an 8% rise in Russian internet traffic to major exchanges, data reveals.
Internet traffic to major crypto exchanges in Russia surged 8% in early November, spurred by a sharp rise in Bitcoin prices and changes in local regulations, per an analysis done by MegaFon, one of the largest telecommunications companies in Russia.
The increase follows a global trend, with web traffic to the top 20 crypto exchanges up 8% to 10% in November compared to October, the company says. According to the analysis, in Russia, users accounted for roughly 27% to 30% of total internet traffic to these platforms.
Bitcoin’s (BTC) price gained over 45% in November, climbing from $68,000 to $99,000, boosting interest in the crypto market across the globe, including in Russia.
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The surge in traffic was especially notable on platforms like Deribit, MegaFon says, adding that the platform saw a 126% increase in visits in early November. Other exchanges, including HTX (formerly Huobi) and KuCoin, reported traffic growth of 24% and 23%, respectively.
However, some exchanges experienced declines. The Chinese platform Gate.io saw a 26% drop in traffic, while Upbit and Kraken lost 6% and 4%, respectively.
In addition to the global crypto market’s performance, Russia’s new crypto mining law, which took effect on Nov. 1, may also be contributing to the growing interest, the telecommunication giant says. As crypto.news reported earlier, the law allows crypto mining only for registered individual entrepreneurs and organizations, with non-entrepreneurial miners limited to a 6,000 kWh monthly consumption cap. Temporary mining bans in certain regions, set to begin Dec. 1 due to electricity shortages, will last until March 2025.
Read more: Russia to ban Bitcoin mining in key regions due to electricity deficit
