Cryptocurrency

<a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a> is experiencing a power shortage for cryptocurrency mining since spring. Timofey Semenov, the CEO of mining company Intelion Data Systems, announced the deficit. The shortage may last for one and a half to two years. He notes a scarcity since March or April, according to <a href="https://bits.media/intelion-data-systems-v-rossii-nachalsya-defitsit-moshchnostey-dlya-mayninga/">bits.media</a>. 
Companies are actively building new sites. But the speed of their commissioning will influence the situation. Current energy consumption by miners in <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a> is 1.3-1.5 GW. By the end of the year, it might rise to 2-2.5 GW, according to Intelion Data Systems. 
Although there's enough power for mining, connecting devices to major energy blocks is getting harder. Semenov explains that there are plenty of power generation objects, but very few "machine places" for mining devices. Building the required reducing infrastructure and <a href="https://ultramining.com/news/en/crypto-miners-shift-gears-ai-is-the-new-gold-rush/">data centers</a> takes time. 
The continuing fall of the ruble has significantly increased demand for equipment placement inside the country. Additionally, the average price of video cards in <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a> has dropped by 36% in 2023. This is due to new inexpensive Chinese brands and a decrease in miners' interest. 
Together, these factors are shaping a complex environment for cryptocurrency mining in <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a>. The power shortage, coupled with economic factors, may influence both the <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">mining industry</a> and the broader tech market in the country. 
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Russia Faces Cryptocurrency Mining Power Shortage; Surge in Domestic Demand Amid Ruble Drop

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