Russia's Bitcoin Mining Drives Energy Consumption Surge

According to Odaily, a recent study by credit rating agency ACRA Ratings reveals that energy consumption in Russia's Bitcoin mining hotspots is at an all-time high, with cryptocurrency adoption continuing to grow nationwide. The study highlights that the Republic of Ingushetia in the North Caucasus has experienced a significant annual energy consumption increase of 40.8%. Crimea, under Russian control, ranks second with a growth rate of approximately 14%. Other regions in the top eight for energy consumption are closely linked to the cryptocurrency mining industry. Kabardino-Balkaria, also in the North Caucasus, ranks third with an 11.5% increase, followed by Chechnya with a 10.5% rise. The Altai Republic is fifth with a 10.3% increase, Buryatia is seventh with an 8.3% rise, and the Irkutsk region is eighth with a 7.8% increase. Rostov Oblast in southeastern Russia is another notable area, ranking sixth with an 8.5% growth rate. Interest in cryptocurrency mining appears to be growing in both Crimea and Rostov. Reports from last August indicated that approximately 3% of all new cryptocurrency mining machine purchases in Russia came from the Rostov region, while 14.5% of new orders in "Southern Russia" originated from Crimea.