The Russian Ministry of Energy has stated Energy Minister Sergei Tsivilev said the country would prioritize using its energy resources for social development purposes rather than bitcoin mining, noting that while surplus energy could be used for bitcoin mining, it would only be allocated to legal and registered operators, keeping them out of the “grey” zone.
bitcoin mining is not a priority for Russia's energy use
Despite some expectations that Russia could become a major bitcoin mining hub, boosted by new cryptocurrency-related regulations, the government appears to have other goals. According to Minister Tsivilev, Russia's energy resources will first and foremost be focused on helping the country's social development programs.
During the Eastern Economic Forum, which took place in Vladivostok, Tsivilev further clarified this stance. He explained that surplus energy from power plants could be used by bitcoin mining companies. These surpluses arise because power plants sometimes operate below their expected demand levels, which can negatively impact their performance and financial efficiency. In such situations, bitcoin miners could step in to utilize the excess energy, thus ensuring that the plants continue to operate at full capacity and improving their economic bottom line.
Conditions for bitcoin miners to access surplus energy
Tsivilev explained that this surplus energy would be available to miners only under specific conditions. He stated:
When there is a surplus, so that the power plants are operating at full capacity, we are willing to deliver that surplus energy to the miners, but on the condition that it is only surplus energy and, once again, on the condition that the miner is legal.
His comments emphasized the importance of bitcoin miners operating in a completely legal manner, including being properly registered and paying taxes.
This focus on legality comes as a response to the fact that many bitcoin miners in Russia still operate within a “grey” zone. The government’s stance is aimed at bringing more miners into a regulated framework, ensuring that they comply with national laws.
Cryptocurrency Mining Law and Regional Restrictions
In August, President Vladimir Putin signed into law a new law regulating cryptocurrency mining, officially taking the activity out of the aforementioned “grey” zone. While this new law establishes a legal framework for cryptocurrency mining, it also gives the government the power to restrict mining activities in certain regions of Russia. These potential restrictions have raised concerns within cryptocurrency mining associations, as they fear that such measures could lead to major disruptions to their operations.
Despite these regulatory changes, Tsivilev made it clear that Russia’s primary focus remains on social development and industrial growth, rather than fostering a thriving bitcoin mining industry. He concluded his remarks by emphasizing that the country’s top priorities are “the social development program” and “the development of our industry.”
In short, while Russia's energy sector could have the potential to support bitcoin miningThe government has placed emphasis on using its resources for social and industrial progress. Surplus energy can be made available to bitcoin miners, but only under strict legal conditions, ensuring that the nation’s broader development goals remain the central focus.
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twitter.com/hashtag/Russia?src=hash&ref_src=twsrc%5Etfw”>#Russia Prioritize energy supply for social development twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Mining https://t.co/YTTCViGgqP
— bitcoin.com News (@BTCTN) twitter.com/BTCTN/status/1832305687264629157?ref_src=twsrc%5Etfw”>September 7, 2024
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