Power needs of cryptocurrency miners in Russia have grown significantly since 2017, with consumption of electrical energy seeing a 20-fold increase over the five-year period. In 2021, the minting of the coin with the largest market cap, bitcoin, required 1.25 gigawatts in the country. Experts say, however, that Russia has the spare capacities to satisfy much larger demand.
Crypto Miners Spend as Much Power as Russian Farmers
Electricity consumption in Russia’s crypto mining industry has been constantly rising since 2017, a new study has established. The positive trend led to an annual increase of at least 150%, according to specialists working for mining hardware importer Intelion Data Systems.
The extraction of bitcoin (BTC) alone needed 1.25 gigawatts of energy in 2021, their calculations show. The volume of electricity used for the production of other major cryptocurrencies, such as ether (ETH) and litecoin (LTC), can be an additional 40-50% of BTC’s consumption, the researchers...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...