Crypto mining farms burn as much energy as agricultural farms in Russia, report reveals.
Various government institutions estimate that cryptocurrency mining accounts for between 0.64% and 2% of the total electricity consumption in the Russian Federation, the business news portal RBC and other Russian media revealed, quoting Intelion’s report. That’s about as much as agriculture’s share of the total consumption.
The prospects for the development of the crypto market in the Russian Federation look quite serious and require the legalization of activities like mining, Novie Izvestia noted in an article. With almost all types of electricity generation at its disposal — nuclear power plants, hydropower facilities, and a surplus of other capacities — Russia is in a position to achieve highly efficient cryptocurrency mining.
Such a significant increase, once the sector is legalized and organized through transparent regulation, will entail significant positive shifts at the macro level, like growth in employment of highly skilled workers, development of related industries and further digitalization of the economy, the authors believe.
“Growing interest in energy-intensive blockchain computing in the context of a significant surplus of energy resources in a number of Russian regions, undoubtedly, opens up new opportunities not only for participants in this market, but also for a significant number of industries and business areas related to this market,” Intelion Data Systems CEO Timofey Semyonov commented.
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