Russia builds new power facilities in Siberia to accommodate rising crypto mining demand

Russia is considering building new power facilities in Siberia due to the increasing demand from cryptocurrency miners. The country’s push to legalize the use of cryptocurrency as a means to conduct international trade has led to a rise in crypto mining activity.

Russian Energy Minister Nikolay Shulginov has acknowledged the need for additional energy in certain regions of Siberia to meet the demands of crypto miners.

Russia has followed India in regulating digital assets, with Moscow even considering a digital Ruble, as it seeks to use cryptocurrency to boost foreign trade rather than allowing citizens to use it as a means of payment.