CoinDesk Podcast Network BITCOIN SEASON 2: Inside Russia's Secret Bitcoin Mining Industry
Nov 5, 2025
Anna Baydakova, a Senior Reporter at CoinDesk, dives into the intricate dynamics of Russia's Bitcoin mining industry. She reveals how recent sanctions have catalyzed a shift towards Bitcoin as a means of economic survival. The discussion covers Putin's unexpected support for crypto mining and the expansion of Siberian mining hubs relying on unique energy sources. Anna also exposes the grey market for ASIC miners, detailing how unofficial imports dominate, all while highlighting how Russians are using Bitcoin to protest and preserve wealth amid political turmoil.
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Siberia Powers Russia's Mining Boom
- Russia became a major Bitcoin mining hub by leveraging Siberia's cold climate and very cheap electricity near hydropower plants.
- Miners mix hydropower, flare gas and natural gas to reduce costs and avoid grid dependence.
Hashrate Maps Are Rough Estimates
- Global hashrate estimates vary widely because data sources and methods differ between providers like Luxor and Cambridge.
- Lack of transparency and private, unreported farms make country-level hash estimates rough approximations.
BitRiver Hostage Moment
- BitRiver hosted Western clients and offered cheap power, becoming a focal point in 2022 when sanctions hit.
- Some hosted rigs were seized after sanctions, showing geopolitical risk to foreign-hosted equipment.