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Russia Extends Regional Crypto Mining Ban to 6 Years as Energy Issues Escalate
The Russian government has issued a new decree extending its regional crypto mining ban to six years, a move aimed at addressing the country’s growing energy concerns. As reported by local media Tass, the Cabinet of Ministers has imposed a nationwide prohibition on local crypto mining operations in select regions from January 1, 2025, until March 15, 2031.
Russia’s energy woes have become increasingly pressing over the past year, with an uptick in global crypto mining activity placing strain on the nation’s grid. In response to this issue, Moscow has taken measures to curb energy consumption, including a recent legalization of crypto mining and introduction of a mandatory registration service for miners.
A recent report suggests that Russia used at least 16 billion kilowatt-hours of electricity yearly for cryptocurrency activities, accounting for approximately 1.5% of the country’s overall energy intake. The government is working diligently to reduce this imbalance and ensure more efficient energy distribution across the nation.
Source: cryptopotato.com
