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Russia has announced a ban on cryptocurrency mining activities in several key regions of the country, effective January 1, 2025. The move aims to address energy imbalances and interregional cross-subsidization issues, according to state news agency TASS.
The affected areas include Dagestan, Ingushetia, Chechnya, and the Donetsk and Luhansk People’s Republics, where mining operations have been contributing to electricity shortages and power imbalances. In addition, seasonal restrictions will be imposed on Irkutsk, Buryatia, and Trans-Baikal Territory.
The restrictions aim to curb peak energy consumption periods from January 1 to March 15 in 2025 and from November 15 to March 15 in subsequent years. This is a significant blow to the crypto mining industry in these regions, as mining operations have become increasingly popular since Russia legalized it in August 2024.
The ban also includes new regulations requiring miners to register with the Federal Tax Service, provide detailed information about their assets and wallet addresses, and adhere to monthly electricity usage limits of 6,000 kWh for individual miners.
Source: cryptobriefing.com
