The Russian Energy Ministry has announced a plan to restrict cryptocurrency mining in specific regions facing energy shortages. The proposal follows the recent enactment of a national cryptocurrency law that grants authorities the ability to impose such restrictions.
Proposal Targets Regions with Energy Shortages
Although cryptocurrency mining is recognized as an important industry in Russia, government priorities appear to favor the development of other critical sectors. According to TASS, the official Russian news agency, the Energy Ministry’s proposal would impact the viability of mining operations in certain areas, particularly those with energy constraints.
An anonymous source confirmed that the proposal is set to take effect in December 2024. “Indeed, there is a proposal from the Energy Ministry, and we will consider it at a meeting of the governmental commission on November 18,” the source explained. This step highlights the government’s focus on addressing anticipated energy shortages.
The Energy Ministry explained that restrictions are necessary during periods of predicted energy deficits in select regions. They emphasized the importance of banning cryptocurrency mining in areas facing critical regulatory and fiscal challenges or regions with subsidized electricity prices. These measures aim to manage energy resources effectively during times of scarcity.
Regions Affected by the Proposal
Several regions are slated to be affected by these restrictions, including Irkutsk, Buryatia, Trans-Baikal, Karachay-Circassia, Kabardino-Balkaria, North Ossetia-Alania, Ingushetia, Chechnya, Dagestan, and the Kherson and Zaporizhzhia regions. Additionally, the Donetsk People’s Republic (DPR) and Lugansk People’s Republic (LPR) are included in the list of targeted areas. The proposed restrictions would come into force from December 1, 2024, and remain effective until March 15, 2025. Moving forward, mining activities in these regions would be prohibited annually from November through March until at least 2031.
The decision to restrict crypto mining is not unexpected. Last month, Deputy Energy Minister Yevgeny Grabchak highlighted the necessity of implementing such measures to address power shortages, particularly in regions like Siberia. Grabchak warned that the state would struggle to guarantee “large capacities to anyone in the long term until 2030,” further underscoring the importance of these restrictions.
RUSSIA TIGHTENS CRYPTO MINING RULES AMID ENERGY CONCERNS
Russia’s President Putin has approved restrictions on crypto mining in 13 regions to manage energy use, especially during peak winter months.
Miners will face a 6,000 kWh power limit unless registered as entrepreneurs.… pic.twitter.com/R5LNXVuuYo
— Crypto Town Hall (@Crypto_TownHall) November 20, 2024
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