What are electricity rates like in Russia?
I know China has some of the cheapest electricity in the world, which is why they are such a leader in Bitcoin mining today.
It's apparently much cheaper than china, even at consumer level
It must depend where you live. In Moscow living expenses are so high compared to the rest of Russia. Also, from what I've heard, the government pays their citizens electricity, water etc.
If it is really cheaper for big corporations to start big mining farms, and with Putin on board, I can see Russia becoming an mining mogul in the next couple of years, surpassing China even.