The global crypto mining power has been growing at a good pace, and Russia has majorly fueled the boost; according to a recent report by Kommersant, a regional media outlet, the total number of crypto mining farms has reached 136,600 farms with a growth of 7%.
Till January 2025, the total mining of Russia reached over 11 GW. It is worth noting that Irkutsk remains the primary location for mining activities, with 10% of total power, and Moscow holds 8%.
Illegal crypto mining operations on peak
According to MTS data, around 8% of the total mining power is used to run illegal operations, and the remaining 3% is used by registered miners in Russia.
Over time, a major surge in the activities using electricity has surged, especially activities related to crypto mining. This change was observed after the major decisions made by the Russian government in the middle of 2024, and the lower cost of electricity is also a primary reason behind the spike in such activities.
It is worth noting that the nation’s enforcement agencies have been trying to bring unregistered mining operations under the laws of Russia.
Despite easier rules and regulations for crypto mining, Russia still has a tough stance on the legalization of crypto. A few days ago, it was reported that Russia was planning to legalize stablecoins for international payments to ease the crypto border payments for its companies.
Earlier this week, Todayq reported that with the growing pace of illicit activities in crypto mining, the Russian government is planning to set up a dedicated mining station to fuel the digital asset mining company.
A few crypto mining firms in Russia reported at the end of 2024 that they reportedly faced a loss of millions due to the growing illicit crypto mining activities.
To date, the Russian authorities have identified millions of worth of crypto mining illicit operations and have also detained a dozen individuals and seized over 2k of mining equipment.
Yet there are a few corporate firms that have been eyeing to enter the crypto mining space, and in similar contexts, TASS quoted that “The Rossetti Group is the largest grid company in Russia and can act as an operator for coordinating the placement of mining infrastructure.”
Different published reports in 2024 end states that the earnings of cryptocurrency miners have reached a new height after the 4th Bitcoin halving, which occurred in April last year.
When writing, Bitcoin was trading below $100k with an intraday surge of 1.23%, and its market capitalization was $1.93 trillion.
