In #Russia, the number of #Bitcoin and other c#ryptocurrency mining farms has increased by 44% – there are now almost 200,000 of them in operation, according to RBK.[^1]
The largest number are located in the Irkutsk, Novosibirsk and Bashkortostan regions, where they are attracted by cheap, illegally obtained electricity. A representative of the power grid alludes to ‘repeated detection of the same facilities by the police,’ which simply means that they come to collect protection money and the electricity thieves continue to operate.
BTC farms are a largely nomadic market, following the electricity. In 2017, #China dominated it to such an extent that over 50% of the supposedly decentralised currency was produced in one country, which was also authoritarian. At the time, this caused some panic because once one entity exceeds 51%, it can actually reverse Bitcoin transactions. However, the Chinese authorities largely got rid of the parasite because electricity was needed for industry. A few years ago, farms caused a small energy crisis in #Abkhazia, which had cheap electricity because it was subsidised by Russia.
However, the gradual decline of Russian industry may facilitate such migration. I leave it to the discernment of readers to decide which markets will be fuelled by Russian Bitcoin and what it will be used for…
[^1]: 
Telegram
The Moscow Times
В России более чем на 40% подскочило количество майнинговых ферм
В России в 2025 г...
