In a bold move, the Russian government has decided to prohibit cryptocurrency mining in ten regions for a significant period of six years. This decision comes as a response to the industry’s excessive power consumption rates, which have raised concerns within the country. The energy-intensive nature of crypto mining is evident, with these operations already accounting for nearly 2.5 percent of US energy consumption.
Effective from January 1 and extending until March 15, 2031, this ban marks a pivotal moment in Russia’s stance on cryptocurrency activities. The Council of Ministers has hinted at potential additional bans in other regions during times of heightened energy demand. However, there is also room for flexibility as certain regions may see temporary lifts or modifications to the ban based on assessments by a government commission monitoring changes in energy requirements.
Russia only recently legalized cryptocurrency mining on November 1 after facing challenges and uncertainties surrounding its legality. Miners are now required to register with the Ministry of Digital Development while adhering to strict energy consumption limits…
2024-12-24 11:31:04
Source from www.engadget.com