Bitcoin Mining Farms Are Growing On The Siberian Industry Zones

Bitcoin mining farms in are popping up in the Soviet region of Siberia at the abandoned Bratsk hydroelectric station on the east of the country and we are reading more about it in the latest cryptocurrency news today.

The power plant was built during the Cold War in order to power the soviet manufacturing and there are now a few bitcoin mining firms that have set up shows in that region close to the city of Bratsk which is an industrial city on the bank of the Angara river. The companies are using the low temperature of the country which lowers down the cooling costs and they also use the cheap hydro plant electricity. Bratsk is an example of how the ruins of one city can become fertile soil for people with ideas.

After the collapse of the USSR, parts of the country and most of the military-oriented industrial sector started to fall to pieces as well and many factories had to be shut down. However, over the past few years, bitcoin miners have started to get the advantage of what is left.
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One CEO of a company Electro.Farm which is a bitcoin mining farm with a huge venue in Kazakhstan, Dmitry Ozersky, stated:

“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 a result, the bitcoin mining farms across Russia now have a joint capacity of more than 600 megawatts and they reach almost 10 percent of the total 7 gigawatts of power that supports the bitcoin network around the world according to Ozersky. He was a former banker and manager at the Russian state corporation Rusnano. His data is based on the manufacturers of specialized mining chips- Asics. The numbers that reach up to 7 percent of the total hashpower of the bitcoin network, might be 20 percent lower if we take into consideration the older and less productive miners. In comparison, in China, they account for 60 percent of the total network hashpower.

As we can read in the reports in the altcoin news, Siberia still has a huge amount of industrial products such as metals and wood but the miners are ready to take advantage and put up their bitcoin mining farms there.