Russia bans crypto mining in several regions, citing energy concerns

The Russian government has banned crypto mining in ten regions for six years, . Russia has cited the industry’s high energy consumption rates as the main reason behind the ban. Crypto is particularly power hungry, as mining operations are already taken into account .

This ban will come into effect on January 1 and will last until March 15, 2031. The country’s Council of Ministers has also indicated that additional bans are needed in other regions during times of peak energy demand. It could also go the other way. The ban can be temporarily lifted or changed in some regions if a government commission analyzes changes in energy demand and deems it necessary.

It has only been cryptocurrency mining as the country has had . Miners must register with the Ministry of Digital Development and energy consumption limits are constantly monitored.

The country banned the use of cryptocurrency but accepts cross-border payments. The latter is largely seen as an attempt by Russia to avoid sanctions .

Russia isn’t the only country to put the kibosh on cryptomining due to the industry’s obscene energy demands. Kosovo to save electricity in an energy crisis. Angola . The law in that country goes a step further and criminalizes crypto-mining. several European countries, the industry has started to be strictly regulated due to the energy shortage.