Synopsis
Russia has banned cryptocurrency mining in several Siberian regions and annexed areas of Ukraine to prevent winter power shortages. The ban targets areas near Lake Baikal, known for low-cost hydropower, and aims to alleviate strain on energy grids. Cryptocurrency mining in Russia consumes an estimated 1.5% of the country’s electricity, posing challenges in regions with harsh climates.
Russia has banned cryptocurrency mining in several Siberian regions to prevent power shortages during the winter and has restricted it in areas of Ukraine that it has declared annexed, a government commission announced on Tuesday.
The ban will be enforced during the winter months in three regions near Lake Baikal, where cryptocurrency mining has flourished in recent years due to the low cost of electricity, primarily generated by large hydropower plants.
In the annexed areas of Ukraine, much of the energy infrastructure has been destroyed since Russia sent in its forces in 2022, leading to power shortages.
Crypto Tracker
TOP COIN SETSWeb3 Tracker9.10% BuyCrypto Blue Chip – 57.31% BuyNFT & Metaverse Tracker7.13% BuySmart Contract Tracker3.98% BuyBTC 50 :: ETH 500.27% BuyTOP COINS (₹) Bitcoin7,804,814 (0.72%)BuyTether84 (0.19%)BuySolana20,387 (0.11%)BuyBNB51,951 (-0.99%)BuyEthereum262,764 (-1.6%)Buy According to official estimates, cryptocurrency mining in Russia consumes 16 billion kilowatt-hours annually, or about 1.5% of the country’s electricity consumption, creating challenges for regions with harsh climates.
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View Details » Along with the United States, China, Kazakhstan, and Canada, Russia is a global leader in crypto-mining. This year, Russia enacted a new law regulating the activity and introduced taxes, expecting to collect up to 200 billion roubles ($2 billion) a year from miners.
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