Reading Time: < 1 minuteRussia is considering building new power plants in certain parts of Siberia to cope with expanding crypto mining
Residents have experienced energy blackouts in particular towns as demand increases
Siberia has become a hotspot for crypto mining

Russia is considering building new power plants in Siberia to aid in the increase in cryptocurrency mining, as well as responding to an increase in demand from residential use. Regional authorities recently abandoned a proposal to introduce higher tariffs for Russians mining cryptocurrencies at home, which will only exacerbate the issue in the months and years to come.

Siberia Has Become Mining Hotspot

Siberia has become something of a crypto mining hotspot according to Russian Minister of Energy Nikolay Shulginov, who said recently that there has been increased demand for electricity from cryptocurrency miners in certain parts of the region. Shulginov stated that Russian authorities in these regions are considering the development of the energy networks used by mining companies and the construction of additional power plants to meet this increasing demand.

Shulginov emphasized that the Ministry of Energy is committed to creating favorable conditions for mining and noted that the electricity consumption of the general population has also increased, sometimes leading to damage to the distribution networks. He added that industrial mining is also growing, particularly in regions where electricity tariffs are low, and that this growth must be taken into account.

Blackouts Lead Calls for Change

There have been reports of breakdowns and blackouts in Irkutsk, a region known as the mining capital of Russia, which has some of the lowest electricity rates in the country. These incidents have been attributed to the high number of individuals mining cryptocurrency at home.

The post Russia Considering New Power Plants as Crypto Mining Soars appeared first on FullyCrypto.

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Filed under: Bitcoin - @ January 2, 2023 7:25 am