Russia Is Attracting Bitcoin Miners With Cheap Energy And Lack Of Regulation

Russia has become the main source of Bitcoin mining, but not because of the cold weather. The country attracts miners thanks to its cheap energy and lack of regulation.

Mining is a process of creating new bitcoins and it's one of the only ways people can buy them. Miners are paid in bitcoin for their work. For example, if you want to buy coffee with bitcoin and want to pay with coffee beans, you have to go through the mining process first.

Russia is one of the major mining countries due to the cost. cheap electricity. compared to other countries in Europe or North America. In fact, according to CoinDesk News' recent Global Bitcoin Mining Cost report, Russia is ranked fifth in terms of electricity cost per kilowatt hour (kWh).

This also has plenty of space available for large scale production facilities that can accommodate hundreds or thousands of miners at a time. There are already over 30 Bitcoin farms there, including one owned by the Bitfury Group that currently processes over $1 million in daily transactions.