Investing in the cryptocurrencies such as Bitcoin, Ethereum, Litecoin is a profitable business. It is interesting to have a look at how the crypto mining industry is working around the world. Crypto mining is not an easy process due to various factors. However, with proper knowledge and experience, this industry can boost the local as well as the global economy.
It is worth mentioning that not only companies but even central banks realized the importance of digital currencies.
All of the reasons mentioned-above made crypto mining more lucrative for crypto investors. One former Soviet country has the potential to transform its economy thanks to crypto mining. This country is the Russian federation. Russia is the largest country in terms of total area. Also, it has vast natural resources. All of these factors are important as it helps to attract investors. For example, the price of electricity is low. Another factor is the climate as cold weather is more suitable for the crypto market.
The Soviet Union ceased to exist in 1991. This was a huge blow for the Russian economy. Even today a lot of facilities which belonged to the factories in Siberia and other parts of Russia are empty. This is another advantage to crypto investors.
Crypto mining in Russia
Crypto mining is a lucrative business in the Irkutsk region. An interesting fact about this region is that it is bigger than France in terms of size. In this part of Siberia, there is no shortage of electricity thanks to the hydropower plants. For instance, the hydropower plant in Bratsk is one of the largest in Russia.
Right now, there are three leading crypto mining companies in the Irkutsk region: Bitriver, Cryptoreactor, and Minery. Bitriver has access to 100 megawatts of power. Two other companies Cryptoreactor claims that it has access to 40 megawatts and Minery claims 30 megawatts. They have customers from various countries.
It is not surprising as there are all necessary conditions to turn Irkutsk into the global cryptocurrency mining hub. This will benefit the local as well as the federal budget.