Regions in Russia with the Most Affordable Cryptocurrency Mining

The Irkutsk region, Khakassia, and Dagestan offer the lowest electricity tariffs in Russia, making them the most cost-effective areas for cryptocurrency mining. These calculations were provided by the rating agency ACRA.

Analysts referred to the government-set energy consumption limit for individual miners at 6000 kWh, which does not require registration with the FTS. In the mentioned regions, the cost of electricity within this range is between 9000 and 16,000 rubles per month.

In comparison, in Kalmykia and Tuva, expenses for the same limit are three to five times higher—ranging from 43,000 to 47,000 rubles per month.

“This difference is explained by the fact that in the Irkutsk region and Khakassia, energy consumption at the level of 6000 kWh still falls within the first range and is paid at a preferential rate, while in Kalmykia and Tuva, this volume exceeds the second range and is paid at a commercial rate,” explained ACRA.

In Dagestan and the Tyumen region, the tariff for the population is not yet differentiated.

According to ACRA, the electricity consumption of one ASIC miner, depending on the model, varies from 1 to 5.5 kWh.

“Thus, using an average value of 3 kWh, the consumption of one unit would be 72 kWh per day, and per month (excluding additional electricity consumption for necessary air conditioning) — 2160 kWh,” wrote the experts.

In six regions applying the social norm, as well as in Kalmykia, Kaliningrad, Ivanovo, Kursk, and Voronezh regions, such a volume of consumption will already be paid at an increased rate, concluded ACRA.

“In the Irkutsk region, where the boundary of the first tariff group is 25,000 kWh, the highest in the country, exceeding the current limit requires about 12 continuously operating mining machines. A limit of 6000 kWh allows for the use of about three machines for cryptocurrency mining,” calculated the analysts.

Overall, consuming large volumes of electricity in 2024 and thus mining cryptocurrency is cheapest in the following regions:

• 10,000-20,000 kWh — in the Irkutsk region, Khakassia, and Dagestan;
• 30,000-40,000 kWh — in Dagestan, Tyumen, and Murmansk regions;
• 50,000-60,000 kWh — in Dagestan, Tyumen region, and Ingushetia.

In July, basic mining regulations were adopted in the country. ForkLog examined its impact on the industry in a separate article.

Additional amendments outline the government’s authority to restrict mining in certain areas. Earlier, the Russian Ministry of Energy identified regions for future cryptocurrency mining bans and set timelines for such measures.