Bitcoin mining sector expands as ASIC count surged 7% in 2024: report
By early 2025, Russia’s Bitcoin mining capability had topped 11 GW, however solely round 3 GW was reportedly utilized by authorized miners.
Bitcoin (BTC) mining sector in Russia grew in 2024 because the variety of mining farms rose 7% to 136,600, Russian newspaper Kommersant reports, citing knowledge by MTS EnergyTool.
As of January 2025, whole mining capability within the nation had crossed 11 GW. Moscow accounted for about 9% of the farms, whereas the encompassing Moscow area had 8%. Irkutsk remained the highest mining hotspot, internet hosting over 10% of the recognized crypto mining farms, the info reveals.
Regardless of the expansion, authorized crypto miners in Russia solely use 3 GW out of the accessible 11 GW, the report says. Whereas Russian authorities have been working to convey underground crypto miners into the authorized fold, vitality consumption apparently stays a serious challenge, with many nonetheless working off the books.
Russia has seen elevated mining exercise as a result of low electrical energy prices in sure areas. Irkutsk, specifically, attracts miners with its low cost hydroelectric energy. Nonetheless, regulators proceed to crack down on unlawful mining operations that pressure native grids.
In early August 2024, Russian President Vladimir Putin signed new laws formally legalizing Bitcoin and digital asset mining. Below the brand new guidelines, residents can mine Bitcoin so long as they keep inside the authorities’s electrical energy cap, although the Financial institution of Russia nonetheless has the facility to ban particular property in the event that they pose a threat to monetary stability.
As crypto.information reported earlier, Russian energy grid operator Rosseti misplaced over 1.3 billion rubles in 2024 as a result of unlawful crypto mining, with miners tapping into electrical energy via unauthorized connections. The most important losses hit the North Caucasus, the place Rosseti Severny Kavkaz reported damages exceeding 600 million rubles. In Novosibirsk, losses reached 400 million rubles, whereas Rosseti Heart and Privolzhye noticed round 120 million rubles drained.
