You likely have never heard of Norilsk, an old industrial city in northern Russia, just above the artic circle. It is pretty secluded with a single railroad as the only connection to anywhere else in the world.
Bitcluster recently launched a Bitcoin mining facility in Norilsk near the end of last year. Norilsk currently has one of the cheapest electricity rates in the world. Even at $40,000 USD Bitcoin mining still highly depends on cheap electricity due to the scaling difficulty factor.
$0.04 kwh compared to the world average of $0.14 kwh is a major advantage over most mining operations, even competing with Chinese Bitcoin mining operations. A large portion of this power is created locally with the region's own natural gas and hydropower facilities.
Norilsk is extremely cold and the facility is housed under a canopy where the heat produced acts as a barrier from the outside snow.
Bitcluster is currently operating over 5,000 Antminer S19 in their Norilsk facility.
One of the interesting things I read about this facility, even though it is in -10 degrees Celsius, it still requires significant cooling due to the amount of units being housed in this facility.
I estimate this facility can mine around $37.5 million USD net revenue per year. 5,000 Antminer S19's produce about 550,000 TH/s at 17,500,000 watts of power and should mine around 3.29 Bitcoin at today's difficulty. Total power costs at $0.04 kwh are over $6 million USD by my estimates, that is over 600% profit over electricity costs alone at current price.
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