Bitcoin Mining in Russia Estimated to Account for Over 5% of Total Energy Consumption

Bratsk in Eastern Siberia is becoming a popular location for Bitcoin mining due to a combination of low energy costs and cool climate. Energy costs are noted to be approximately four cents per kWh. Several mining farms have set up operations in the region. Many of the farms are providing hosting services with clients from Europe, Asia, United States, and South America choosing to ship their mining rigs to the location. One mining professional estimates that Bitcoin mining in Russia consumes 600 MW on aggregate. With Cambridge estimating the current energy consumption of the entire Bitcoin network to be 9 GW, this would suggest Russia-based Bitcoin mining accounts for over 5% of the total energy consumption of the Bitcoin network.

Source: CoinDesk