Russia’s AI and Crypto Mining Sectors to Drive 2.5x Surge in Power Demand by 2030

Russia faces an energy crossroads as AI data centers and cryptocurrency mining operations threaten to double their electricity consumption. Vitaly Sergeychuk of VTB Bank warns these sectors will account for 2% of national power usage by 2030—a 150% increase from current levels—even as overall demand growth slows to 1% annually.

The energy-intensive industries represent both opportunity and strain. Moscow views crypto mining as a sanctions workaround while racing to compete in global AI development. This dual expansion requires 6 trillion rubles ($77B) in new power infrastructure, with Sergeychuk emphasizing generation capacity as critical to preventing shortages during the transition.

Behind the numbers lies a strategic gamble: Russia is betting its energy reserves can support becoming a hub for compute-heavy industries. The plan carries echoes of China's 2010s mining boom, but with added geopolitical complexity from Western sanctions and AI competition.