A recent report from Bitcoin.com has revealed that a Russian study was conducted to determine the best location in the country to mine cryptocurrency.
Recently, a study was conducted by the Russian Association of Blockchain and Cryptocurrency (RACIB) to determine the best location for crypto mining in Russia. According to Bitcoin.com: “This association was formed to unite blockchain participants as well as owners, miners, and investors of cryptocurrencies and initial coin offerings (ICOs).”
The study found that the Krasnoyarsk region was the most favorable location for crypto mining. However, Krasnoyarsk is not the region with the cheapest electricity in the country–electricity in the Krasnoyarsk region costs approximately 2.4 rubles, or about US$0.04, per kW/h, while the nearby Khakassia and Irkutsk regions have electricity available for between 2.01 and 2.14 rubles.
Rather, the designation of Krasnoyarsk as the most favorable region for crypto mining also comes from the region’s capabilities for logistics and telecommunications. “The association compared the regions by such parameters as the cost of electricity, the availability of free reserve capacities, logistics accessibility and the development of telecommunications infrastructure,” said Yuri Pripachkin, president of the RACIB.
The region’s position as a major hub for transportation and distribution also make mining conditions particularly keen. Pripachkin added, however, that “despite favorable conditions, almost no one is engaged in mining in the Krasnoyarsk Territory.” On the contrary, “the main farms in Russia are located in Moscow, Leningrad, Novosibirsk, Irkutsk, Sverdlovsk, Tomsk, Chelyabinsk, and Tatarstan.”