The Russian government has banned crypto mining in ten regions for six years, citing high power consumption rates as the primary reason. The ban begins January 1.
Reports show that crypto mining operations vastly consume energy, accounting for nearly 2.5 percent of US energy use, which is a contributing factor to Russia's ban.
The Council of Ministers indicated that more bans could emerge in other regions during peak energy times, suggesting flexibility based on energy demand changes.
Russia legalized cryptocurrency mining only recently in November 2022 after a tumultuous legal history, enforcing registrations and monitoring energy consumption limits.
Collection
[
|
...
]