By the dawn of 2025, the vast expanse of Russia had become a veritable gold mine of digital currency, with its Bitcoin mining capacity soaring to a staggering 11 GW. Yet, in a twist of irony, only a mere 3 GW was claimed by those who played by the rules. Ah, the sweet taste of legality! 🍷
In the year of our Lord 2024, the Bitcoin mining sector in Russia blossomed like a wildflower in spring, with the number of mining farms swelling by 7% to a grand total of 136,600, as reported by the ever-watchful Kommersant, citing the wise folks at MTS EnergyTool. Who knew that numbers could dance so? 💃
As January 2025 rolled in, the total mining capacity in the land of bears and vodka had crossed the 11 GW mark. Moscow, that bustling hive of activity, accounted for about 9% of the farms, while the surrounding Moscow region contributed another 8%. But it was Irkutsk, the crown jewel of mining hotspots, that stole the show, hosting over 10% of the identified crypto mining farms. A true spectacle of numbers! 🎉
Despite this growth, the legal miners in Russia were only tapping into 3 GW of the available 11 GW. It seems that while the authorities were busy trying to coax the underground miners into the light, energy consumption remained a thorny issue, with many still operating in the shadows. Oh, the irony! 🌑
Russia’s mining activity surged like a bear on a honey pot, thanks to the low electricity costs in certain regions. Irkutsk, with its cheap hydroelectric power, became the darling of miners everywhere. Yet, the regulators, like stern schoolmasters, continued to crack down on the illegal operations that strained the local grids. No fun allowed! 🚫
In a dramatic turn of events, early August 2024 saw Russian President Vladimir Putin signing new laws that officially legalized Bitcoin and digital asset mining. Citizens could now mine Bitcoin, provided they stayed within the government’s electricity cap. But beware! The Bank of Russia still held the power to ban specific assets if they threatened financial stability. A real cliffhanger! 📉
As reported by crypto.news, the Russian power grid operator Rosseti found itself in a pickle, losing over 1.3 billion rubles in 2024 due to illegal crypto mining. Miners were tapping into electricity through unauthorized connections, leaving a trail of chaos in their wake. The North Caucasus bore the brunt of the losses, with Rosseti Severny Kavkaz reporting damages exceeding 600 million rubles. Novosibirsk wasn’t far behind, racking up losses of 400 million rubles, while Rosseti Center and Privolzhye saw around 120 million rubles drained. A real shocker, indeed! 💸
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2025-02-21 10:52