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Russia Bans Crypto Mining in 10 Regions Until 2031
Russian authorities have taken a significant step towards regulating the crypto mining industry by imposing a six-year ban on all crypto-related activities in ten regions. The move aims to address concerns over energy consumption and its impact on the country’s power supply.
Starting from January 2025, miners in these regions will be prohibited from engaging in any cryptocurrency mining activities until at least 2031. This drastic measure is intended to alleviate pressure on the local electrical systems, which are already under strain due to high demand during peak hours.
The affected areas include Irkutsk, the Republic of Buryatia, and Zabaikalsky in Siberia, where crypto mining operations have been putting a significant burden on the energy infrastructure. The ban is expected to significantly reduce energy consumption in these regions, ensuring a stable power supply for residents and businesses.
Additionally, Russia has introduced new regulations that require miners to register with the Federal Tax Service and provide detailed information about their wallet addresses and assets. This move aims to enhance transparency and prevent illegal activities within the industry.
The restrictions are not limited to just banning mining in specific regions; instead, they also introduce seasonal limits on mining operations nationwide. The ban will apply from December to March every year, restricting crypto mining activities during peak winter consumption periods when demand for energy is highest.
This decision highlights Russia’s growing concerns over the environmental and social impacts of cryptocurrency mining. Governments worldwide are increasingly scrutinizing the industry as it continues to grow in popularity.
Source: www.crypto-news-flash.com
