Cryptocurrency pushed Russia into the dark! Know what’s the matter

The huge amount of electricity spent in making cryptocurrency has put the people of Russia in trouble. For some time there has been no electricity in the Irkutsk region of eastern Russia. It is being said that the reason for this is crypto mining. According to the Irkutsk Electric Grid Company (IESC), electricity consumption in this region has increased by 108 percent compared to last year. The local administration unearthed 1100 cases of ‘grey mining’ by conducting raids in the area. The term gray mining is used in the context of crypto mining. Keep in mind that crypto mining refers to crypto making, which consumes a lot of electricity. Under gray mining, equipment used to generate cryptocurrency is installed in apartment basements, garages, residential areas as well as balconies.

Irkutskenergosbyt, which supplies electricity to the region, has Post I have reported that 21 suspected electrical installations related to cryptocurrency mining had been identified in the area. Here mining equipment was fitted in the balconies, residential areas and basements of the apartments.

of bitcoin.com Report According to the report, the Irkutsk region is called the ‘crypto mining capital of Russia’. Electricity in this region of Russia is six times cheaper than in the rest of the country. The people here use the electricity available with the subsidy in crypto mining. However, it is not known what steps have been taken to stop crypto mining in the area.

Cambridge researchers accordingBitcoin mining consumes approximately 121.36 terawatt-hours (TWh) of power in a year. The process of crypto mining generates massive carbon emissions, which is also a serious concern for the environment.

Research last year Report claimed that the mining of the four major cryptocurrencies released approximately 13 million metric tons of carbon dioxide between January 1, 2016 and June 30, 2018. Last year, China also banned all crypto-related activities in the country. On this, Tesla chief Elon Musk said that one of the reasons for this decision could be the lack of electricity in China.

In November 2021, the Electric Reliability Council of Texas (ERCOT) estimated that the electricity load due to crypto mining and data centers could increase up to five times.