Russia restricts crypto-mining to address winter power concerns
Russia has banned cryptocurrency mining in three Siberian regions to address winter electricity shortages, while also restricting mining in annexed Ukrainian territories due to infrastructure damage, anticipating $2 billion in tax revenues.
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Russia has implemented a winter ban on cryptocurrency mining in three Siberian regions to mitigate potential electricity shortages during the colder months. These regions, known for their low-cost hydropower, are experiencing increased energy demand due to harsh winter conditions. Additionally, in areas of Ukraine that Russia claims to have annexed, crypto-mining is also restricted because of significant damage to energy infrastructure since 2022, leading to power shortages. As a significant player in the global crypto-mining sector, Russia has recently introduced regulations and taxes on the industry, anticipating annual revenues of approximately $2 billion.
- Russia has banned crypto-mining in three Siberian regions to prevent winter electricity shortages.
- The ban is due to increased energy demand during harsh winter conditions.
- Crypto-mining restrictions are also in place in annexed Ukrainian territories due to damaged infrastructure.
- Russia aims to regulate the crypto-mining industry and expects significant tax revenues.
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