Bitcoin Mining Farms Flourishing in Siberia’s Soviet Industry Ruins
By Jamie Green – Crypto Expert
The Bratsk hydroelectric station in Eastern Siberia that was built during the Cold War to provide energy for Soviet manufacturing, is now working on another energy-dependent industry in Bitcoin mining as detailed through Coindesk.
Many large mining farms have chosen to start their operation in the industrial city of Bratsk, which is located on the bank of the Angara River. This is so the farms can utilise the region’s low temperatures that will reduce cooling costs as well as the hydro plant’s huge quantity of affordable electricity. One of the biggest costs associated with mining is electricity.
Many mining operations are trying to increase efficiency when selling Bitcoin back to the market to pay for their running costs. They may be able to use the crypto instead of having to sell Bitcoin in the future as more applications arise for cryptocurrencies.
Once the USSR collapsed and parts of the enormous, military-focused industrial sector began to waste away in the developing market economy, plenty of factories had to close.
In the last couple of years, the area has become a hotbed for miners.
Dmitry Ozersky, CEO of Eletro.Farm, a mining company in Kazakhstan, said, “The surplus of electric power in Russia is huge, due to the closure of some of the Soviet plants and to the fact that energy consumption, in general, became much more efficient over time.”
As such, Bitcoin mining farms in Russia now comprise of a capacity of 600 megawatts, which accounts for almost 10% of the total gigawatts of power that supports the global Bitcoin network. It seems the abundance of electricity and cooler climate are more ideal to increase the efficiency of Bitcoin mining.
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