Siberia: Bitcoin Mining Farms Are Flourishing Over A Ruined Industry
After the end of the Soviet Union and the economic fallout that happened in Russia, several industry facilities were abandoned. Now, cryptocurrency miners are giving these abandoned places a new breath of life by using them as mining farms.
Most of these platforms were built during the Cold War and were originally used for manufacturing. Now, the installations and the Bratsk hydroelectric station, which are set in Siberia, are being used for BTC mining.
Several mining companies have been using the legacy of the Soviet Union, the hydroelectric station, as a way to get cheap energy. As the industry is no longer strong in the region, it is really inexpensive to use it for mining.
Siberia also has a pretty cold climate, so it is becoming an important mining hub right now. Several companies from other countries are entering Russia in order to also be benefitted from this emerging market.
According to Dmitry Ozersky, the CEO of one of the now local mining companies, Eletro Farm, there is a huge surplus of power in Russia. The Soviet Union created a lot of power stations, but the economic crisis made several places shut down.
After the new system was enacted and the country got in its feet again, the issue was that no one wanted to use the surplus power. Eletro Farm has over 18,000 ASIC miners and, according to its executives, is one of the largest operations around.
Regions such as Siberia still have industrial activity, but there is simply not a huge demand for it anymore. This was seen by miners who decided to takeover. They bought these cheap factories and used cheap electricity to get high profits. With their help, the region is starting to get some of its former importance back.