The Russian government has banned crypto mining in ten regions for a period of six years. . Russia has cited the industry's high energy consumption rates as the main reason behind the ban. Cryptocurrencies are particularly energy intensive, as mining operations already represent .
This ban comes into effect on January 1 and lasts until March 15, 2031. The country's Council of Ministers has also stated that additional bans may be necessary in other regions during periods of peak energy demand. It could also be the other way around. The ban could be temporarily lifted or modified in certain regions if a government commission examines changes in energy demand and deems it necessary.
Cryptocurrency mining has only been <a target="_blank" data-i13n="cpos:3;pos:1" href="https://www.coindesk.com/policy/2024/07/30/russia-legalizes-crypto-mining-and-brings-an-experimental-regime” rel=”nofollow noopener” target=”_blank” data-ylk=”slk:fully legal in Russia since November 1;cpos:3;pos:1;elm:context_link;itc:0;sec:content-canvas” class=”link “>since the country has had a . Miners must register with the Ministry of Digital Development and energy consumption limits are continuously monitored.
The country banned the use of cryptocurrencies, but does allow cross-border payments. The latter is largely seen as Russia's attempt to avoid sanctions.
Russia is not the only country that has put the brakes on cryptocurrency mining due to the industry's obscene energy demands. Kosovo to conserve electricity during an energy crisis. Angola . The law of that country goes one step further and penalizes crypto mining. Several European countries, <a target="_blank" data-i13n="cpos:9;pos:1" href="https://fortune.com/2022/01/05/crypto-blackouts-bitcoin-mining-bans-kosovo-iran-kazakhstan-iceland/” rel=”nofollow noopener” target=”_blank” data-ylk=”slk:like Iceland and Norway;cpos:9;pos:1;elm:context_link;itc:0;sec:content-canvas” class=”link “>They have begun to strictly regulate the industry due to energy shortages.
