Russia bans cryptocurrency mining due to high energy consumption
Cryptocurrency mining has been banned in Russia in several regions until March 2031. The measure was taken due to the high energy demand of this activity
The Russian government took the measure of banning cryptocurrency mining in 10 regions until March 2031 as a result of the high consumption of electricity that the activity entails.
“The ban, which includes participation in a mining pool and temporary restrictions in other regions during periods of maximum demand,” came into effect on January 1 and will end on March 15, 2031.
This restriction measure applied by the Russian government also considers “interregional electricity subsidies that make consumption cheaper in some regions.”
The regions where the ban applies are Dagestan, North Ossetia and Chechnya, with the possibility of modification if there is a change in energy demand, corroborated by a government commission.
As will be recalled, Russia prohibits the use of digital assets as legal tender for payments at the domestic level. However, it allows cross-border payments with crypto as a way to evade sanctions imposed after starting the war against Ukraine.
M.Pino
Source: cripto247
(Reference image source: Michael Förtsch on Unsplash)
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