Bitcoin Miners Breathe New Life into Siberia's Industrial Cities

A surplus of cheap hydroelectricity is the cryptocurrency miner's dream, and nowhere is this more abundant than in the former Soviet industrial powerhouse cities of Eastern Siberia.

Following the collapse of Soviet Russia many of the military-focused industries of the region began their decline. These cities were centred around an infrastructure built upon hydroelectric power and, without the industry to feed, their future also looked doomed.

But in the past few years the energy intensive cryptocurrency mining industry has set up camp in the region to take advantage - not only of the plentiful supply of cheap power, but also of the sub-arctic temperatures that provide natural, free cooling for the equipment.

Coindesk Investigation

A Coindesk investigation, published on Tuesday, evokes a new, multinational industry already established in the region.

The city of Bratsk is now home to several mining companies. Among them is BitRiver, which describes itself as the largest data in Russia with a total capacity of 100 megawatts per hour (MW/h) of electricity and provides services to miners in the Irkutsk region, as well operating a large mining facility of its own. Read More at CryptoGlobe...

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