Crypto Mining Faces Ban in Key Russian Regions Due to Power Strains

Russia is set to ban cryptocurrency mining in several energy-restricted regions, including the Far East, southwestern Siberia, and the South, due to mounting power shortages.

Russian Deputy Energy Minister Yevgeny Grabchak confirmed that the ban, effective November 1. Follows a new law empowering the government to regulate mining activity in specific areas. This legislation also allows authorities to prohibit participation in mining pools and ensures consistent energy distribution in “shortage zones.”

Additionally, a recent law supports controlled use of cryptocurrency in international transactions, with oversight from the Bank of Russia. Industry leaders believe these regulations could elevate Russia’s bitcoin mining industry to U.S. levels in the near future.

Clever Robot News Desk 1^st November 2024