Russia Ready to Provide Electricity to Bitcoin Miners
Date: 2024-10-08 Author: Oliver Abernathy Categories: IN WORLD
According to Deputy Energy Minister Evgeny Grabchaka, energy companies should be able to disconnect miners from the power grid if necessary.
Russian miners earned about $3.5 billion on Bitcoin last year, and the government is currently discussing the possibility of redistributing excess energy when there is no high demand on the grid. Grabchak noted that “miners are a new category of consumers,” and their work can be most profitable during periods when capacities are not loaded.
However, Grabchak also pointed out the need for self-regulation by miners or the installation of automatic solutions to limit energy consumption. Russian President Vladimir Putin previously approved the legalization of crypto mining, but called on the government to ensure control over electricity consumption to avoid power outages.
Regional authorities in traditional mining zones such as the Irkutsk region, Buryatia, and Transbaikalia have already faced problems with power shortages due to increased demand from crypto miners. About a third of Russian miners are expected to operate in these regions.
Miners have begun to consider moving from southern Russia and Siberia. For example, a new 3 MW mining center has been completed in Perm on land previously used for breeding chinchillas. Also, oil giant Gazprom is creating a subsidiary focused on crypto mining and is building a 500-rig farm in Veliky Novgorod.
In turn, Vladimir Uyba, governor of the Komi Republic, announced plans to build 15 new data centers for crypto mining in northeastern Russia, indicating growing interest and development in this industry.
