- The country’s grid operator has stated that 6.9 gigawatts (GW) more might be added to Russia’s capacity for mining cryptocurrencies.
The remarks were made by Andrey Katayev, the Director of Energy Markets and External Relations at the Russian Power System Operator, according to the news agency TASS.
Is Russia’s Crypto Mining Capacity About to Increase Again?
According to Katayev, Russia presently has 2.7 GW of total capacity for mining cryptocurrencies. However, the official stated that domestic miners intend to increase the network’s scale by a factor of 2.5.
Of that quantity, Katayev continued, data centers with 2.5 GW of power already possess the necessary technological infrastructure to be connected to the grid.
The official was addressing the Electric Power Commission of the Russian Union of Industrialists and Entrepreneurs during a meeting.
The news will be welcomed by miners, but many in Moscow could find it unsettling that this type of capacity is going online.
According to Kataev, the Ministry of Energy’s most recent electric power systems plan for 2024–2029 anticipates that total capacity will increase by 2% year, or 3.4 GW.
Russia’s increasing industrial growth seems to be causing issues for the grid. In Russia, industrial production rose by 3.5% the previous year.
Official Claims: Miners Are Ready to Move to Other Areas of Russia
The official mentioned that there are still energy shortages in some areas of Russia, like southeast Siberia.
He claimed that because of this, new, large-scale users are currently unable to connect to the network.
However, he also pointed out that miners are generally highly mobile and could, if needed, relocate from areas with an abundance of energy.
That’s exactly what a lot of larger Russian miners have said they are willing to do.
Rather than concentrating in well-known cryptocurrency mining hubs like Irkutsk, Siberia, larger players are opting to locate their new data centers in areas like Buryatia’s southern republic and Samara Oblast.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
