Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Russia Moves to Ban Cryptocurrency Mining Amid Energy Concerns

Russia Moves to Ban Cryptocurrency Mining Amid Energy Concerns

CryptodnesCryptodnes2024/10/31 08:44
By:Cryptodnes

Recent developments from Russia have sparked concerns in the cryptocurrency sector. The country has recently permitted the use of Bitcoin (BTC) and other cryptocurrencies for international transactions.

However, a contrasting announcement from Deputy Energy Minister Yevgeniy Grabçak indicates a crackdown on cryptocurrency mining due to significant electricity consumption.

Speaking at the “RBK Tech Forum” in Moscow, Grabçak highlighted an electricity shortage in various regions linked to the high energy demands of crypto miners. He noted that these demands have led to power outages in specific areas, particularly in the Far East and southern Siberia. Grabçak mentioned that the government plans to impose a ban on mining activities in certain regions to address these challenges.

This move follows a law approved by President Vladimir Putin on August 8, which legalized cryptocurrency mining across Russia.

READ MORE:
This Altcoin is Set for a Major Unlock Boosting Supply Amid Market Optimism

Under this legislation, individuals and companies authorized by the government are allowed to mine cryptocurrencies, provided they adhere to specific energy consumption thresholds. The tension between promoting crypto innovation and managing energy resources appears to be a critical issue for Russian authorities as they navigate the complexities of the digital currency landscape.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Trump effect on bitcoin so far similar to 2016 win

The end of the bull market would look much worse than this

Blockworks2025/02/04 13:33

Sol Strategies Expands Validator Presence, Acquires More SOL

With SOL’s closing price at the end of January, these holdings are now valued at about CAD$63.7 million.

Cryptotimes2025/02/04 13:11

Nirmala: India not against Blockchain but wants Crypto Transparency

At this point, Sitharaman looked visibly frustrated and shut down the discussion with, “We are India. I will think about India.”

Cryptotimes2025/02/04 13:11