Russia Imposes 6-Year Ban on Crypto Mining in 10 Regions, Citing Energy Use: Tass
Temporary bans may be imposed in other regions during peak energy demand, Tass reported
1. Summary:
Russia has imposed a six-year ban on crypto mining in 10 regions due to the industry’s high energy consumption. The ban, effective from January 1, will last until March 15, 2031, and includes limitations on participating in mining pools and temporary bans in other regions during peak energy demand.
2. Key insights:
– The Russian government has banned crypto mining in 10 regions citing high power consumption, with the ban effective from January 1, 2025, until March 15, 2031.
– The ban also includes restrictions on participating in mining pools and temporary bans in other regions during peak energy demand.
– Russia recently legalized crypto mining in July, but it has banned the use of cryptocurrencies as legal tender for regular payments internally.
– The regions affected by the ban can be changed based on a government commission’s examination of energy demand changes.
– The ban also considers inter-regional electricity subsidies that make power cheaper in certain regions.
– The country allows cross-border payments with crypto in an attempt to evade sanctions imposed after its invasion of Ukraine.
