Inside Russia's Secret Bitcoin Mining Industry

Anna Baydakova, Senior Reporter at CoinDesk joins us to talk about Russia's complex relationship with Bitcoin. From Putin's surprising embrace of crypto mining to the grey market of mining rig distribution, Anna reveals how sanctions transformed Russia's crypto landscape. We explore Siberian mining operations and why Russians increasingly turn to Bitcoin as both protest and preservation against an authoritarian regime.

Link to the full report: https://blockspace.media/insight/in-between-worlds-the-state-of-bitcoin-mining-in-russia/

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Notes:

• Russia legalized Bitcoin mining in November 2024

• Hash rate dropped 10-15% after Ukraine invasion

• Electricity costs $0.02-0.04/kWh in Siberia

• Putin shifted from anti-crypto to pro-mining

• Telegram channels became primary crypto platform

Timestamps:

00:00 Start

01:16 Russia mining overview

02:56 Past 3 years of growth

08:30 Top Russian Miners

09:11 Mining "ban" is complicated

13:30 Who owns these miners?

17:31 Sanctions & War

23:23 Grey ASIC market

26:36 Wrap up

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