In response to Miners’ High Energy Demand, Russia Considers Building New Power Plants in Siberia

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The Russian energy minister admitted that the growing demand for electricity in the crypto mining industry may necessitate the development of additional power generation facilities in Siberia.

After regional officials abandoned a plan to impose higher taxes on Russians minting digital currencies at home, demand has continued to rise in residential areas as well.

Authorities in Russia consider upgrading energy generation and infrastructure in areas with a cryptocurrency mining industry.

Russian Minister of Energy Nikolay Shulginov has noted the growing need for electricity from cryptocurrency miners in particular parts of Siberia where the business has been expanding.

He suggested that extra generating capacities could be required to suit their needs, as reported by local media and crypto news agencies.

Shulginov did not provide details of his intentions, but he did make it apparent that Russian authorities in these areas are thinking about expanding the power plants and the energy networks utilized by mining corporations.

Low Electricity Rates for Crypto Miners Are Maintained in Energy-Rich Irkutsk

In Russia, a country with plenty of affordable energy resources and a cold environment, cryptocurrency mining has become more popular as a lucrative commercial activity and as an additional source of income for many regular Russians who mine in their basements and garages.

The energy ministry supported a plan to establish differentiated rates, raising energy costs for amateur miners to reduce use, but local authorities ultimately rejected it, with the exception of Kemerovo.

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