Russia Ranks Second in Crypto Mining Power Capacity, Surpassing Global Competitors

Russia has climbed to second place in the world in terms of total power capacity of the facilities devoted to the production of digital currencies, with 1 GW of electrical power involved in crypto mining in Q1 of 2023. The United States remains the clear leader with 3 to 4 GW of mining capacity. The growth of the American market is being slowed down by rising electricity rates, reduced mining profitability, and the abolition of tax incentives in some areas. The development of the industry in Russia is facilitated by the availability of cheap energy resources and cool climates in regions such as Irkutsk. However, its future remains unclear in the absence of regulations.