Bitcoin mining's hidden surge
Since the outbreak of the Russian-Ukrainian war in February 2022, global Bitcoin mining power has experienced a significant increase of approximately 282%, doubling from 248 exahashes per second to about 948 exahashes in September 2026. This rise resulted from a boom in investment in energy and computing, along with the continued use of more efficient systems in mining equipment. It did not cause a large increase in electricity consumption exceeding 45%, as device efficiency improved. Additionally, the increased mining capacity in Russia and Ethiopia has contributed to turning electricity into tradable digital assets, reflecting a new geopolitical role for cryptocurrencies as a means of converting energy into financial value or as a trade tool amid international sanctions. There are also indications of a substantial expansion in Bitcoin mining activities in these two countries.
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