Russian authorities reportedly plan to ban cryptocurrency mining in 10 areas and impose seasonal restrictions in three others starting January 1, 2025, amid rising issues over power shortages.
In accordance with a new report from the state-controlled TASS, the whole ban will have an effect on areas together with Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, and the lately annexed territories of Donetsk, Lugansk, Zaporizhzhia and Kherson.
The prohibition is reported to stay in impact till March 15, 2031.
As well as, three Siberian areas — Irkutsk, Buryatia and Zabaikalsky — will face seasonal mining restrictions throughout peak power consumption durations. These limitations will run from January to mid-March 2025, increasing to November by means of March in subsequent years.
The measures comply with cryptocurrency mining laws signed by Russian President Vladimir Putin in late 2024, geared toward stopping energy shortages and blackouts. The energy-intensive nature of proof-of-work crypto mining has reportedly strained Russia’s energy grid, notably in areas with restricted infrastructure, in response to TASS.
Each particular person miners and mining swimming pools should stop operations throughout restricted durations, marking Russia’s most aggressive step but to deal with its power challenges whereas sustaining financial stability.
Earlier this 12 months, Bitcoin (BTC) miners based mostly in Russia mined billions of {dollars} price of the highest crypto asset by market cap final 12 months.
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Featured Picture: Shutterstock/iurii/Vladimir Sazonov
