Russia has become the second-largest country by energy capacity for crypto mining, reaching 1 gigawatt (GW) in the first quarter of this year, according to Bitriver, the country’s largest mining operator. The US remains the leader with 3–4 GW of mining power. However, Alexander Brazhnikov from the Russian Association of Cryptoeconomics estimates Russia's capacity might exceed 2.5 GW due to around 800,000 ASIC miners in operation.
Russia's growth in crypto mining has been driven by cheap energy and favorable climates in regions like Irkutsk, with electricity consumption increasing 20-fold from 2017 to 2022. Despite this, the future remains uncertain due to a lack of clear regulations, as a proposed bill has yet to be passed in Moscow.
Other top mining countries include Gulf nations (700 MW), Canada (400 MW), Malaysia (300 MW), and Argentina (135 MW). Though the US leads in global hashrate share, the market faces challenges due to rising electricity costs, lower profitability, and bankruptcies among over-leveraged mining companies.
