The Russian government has banned crypto mining in ten regions for a period of six years, . Russia has cited the industry’s high power consumption rates as the primary reason behind the ban. Crypto is particularly power-hungry, as mining operations already account for .
This ban takes effect on January 1 and lasts until March 15, 2031. The country’s Council of Ministers has also stated that additional bans may be required in other regions during periods of peak energy demand. It could also go the other way. The ban could be temporarily lifted or altered in certain regions if a government commission examines changes in energy demand and deems it necessary.
Cryptocurrency mining has only been , as the country has had a . Miners must register with the Ministry of Digital Development and energy consumption limits are continually monitored.
The country banned the use of cryptocurrencies , but does allow cross-border payments. The latter is largely seen as an attempt by Russia to avoid sanctions .
Russia isn’t the only country to put the kibosh on crypto mining due to the industry’s obscene energy demands. Kosovo to conserve electricity during an energy crisis. Angola . That country’s law goes a step further and criminalizes crypto mining. Several European countries, , have started to strictly regulate the industry due to energy shortages.