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Moscow among top Russian destinations for crypto miners

With its cheap electricity, well-developed energy infrastructure in many of its regions, and surplus generating capacity, Russia has everything needed to be a global leader in mining Bitcoin(BTC), Ether(ETH), and other digital tokens.

Image by: Wikimedia Commons

Thu, 28 Jul 2022, 09:57 am UTC

China’s crackdown on Bitcoin (BTC) and crypto mining made it possible for other regions such as Russia to compete with the rest and increase their market share. A recent study revealed that the capital city of Moscow is among the popular destinations in the country for crypto miners.

Russia has the potential to become a large player in the crypto mining industry. With its cheap electricity, the well-developed energy infrastructure in many of its regions, and surplus generating capacity, the country has everything needed to be a global leader in mining Bitcoin(BTC), Ether(ETH), and other digital tokens, according to a study conducted by mining equipment importer Intelion Data Systems, Bitcoin.com reported.

Intelion researchers noted the rising interest among crypto miners to put up new data centers in the country. CEO Timofey Semyonov said that choosing the right location for their mining facilities is crucial for the profitability of these businesses with electricity rates and sufficient power generation as the main criteria for their selection process.

The study also identified the most popular locations for hosting mining data centers. In 2021, the top locations include Moscow and Moscow Oblast, Karelia, Buryetia, Sverdlovsk, Murmansk, and Irkutsk regions, the Krasnoyarsk Territory, and the Republic of Khakassia.

According to the company’s researchers, the ideal location for a crypto mining data center should not only have low power rates but must also have power generation that exceeds local consumption. However, most industrial-scale facilities tend to put more emphasis on the cost of electricity. In the case of Moscow and the adjacent region, miners find the location attractive due to its logistical advantages.

Other regions have the perfect combination of both low power rates and power generation that exceeds the demands of local consumers, allowing mining facilities to start their operations without overloading distribution networks. These include the regions of Irkutsk, Sverdlovsk and Murmansk, the Republic of Khakassia, and the Krasnoyarsk Territory.

According to Cambridge Institute for Alternative Finance, the Russian Federation accounts for around 5 percent of the Bitcoin network’s global hashrate as of January 2022. While Bitcoin mining still awaits regulation in Russia, most officials believe that the government should recognize crypto mining and tax it accordingly.

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