Crypto mining industry in Russia

Cryptocurrencies became part of daily life. For example, a person can purchase NBA tickets, as two teams are ready to accept the crypto payments. There are other benefits as well. People are willing to invest in Bitcoin, Ethereum and other digital currencies. It is not surprising that tech giants such as Samsung already realized the importance of digital currencies. In this situation, crypto mining is becoming more popular around the world.

Moreover, there are several countries which are working on national cryptocurrency projects. One of them is China, which has the second-largest economy in the world. According to various sources, Chinese authorities will launch the digital currency until the end of this year.

All of the reasons mentioned-above made crypto mining more lucrative for crypto investors. However, there are several factors which influence this industry. One of the most important is the price of electricity. Another factor is the climate as cold weather is more suitable for crypto mining. There is a country which has all the necessary prerequisites, and this country is the Russian Federation. In 1991, the Soviet Union collapsed, and the biggest state in the world abandoned its communist ideals.

The collapse of the Soviet Union had a tremendous impact on the Russian economy. One of the side effects was that huge numbers of factories could deal with problems. As a result, many former factories are empty, and this created an additional advantage for the crypto community.

Crypto mining in Irkutsk

One of the best examples of how all of these factors benefited crypto mining is the Irkutsk region. In terms of size, it is bigger than France. There is no shortage of electricity thanks to the hydropower plants. For instance, the hydropower plant is Bratsk is one of the largest in Russia.

There are three main 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 all over the world. The crypt mining has a huge potential to boost the local economy.