Russia Bans Crypto Mining in Ten Regions Over Energy Concerns
A six-year ban on cryptocurrency mining, effective January 1, 2024, has been imposed in ten Russian regions due to the industry’s substantial energy consumption. This measure, potentially expanding to other regions during peak demand, reflects Russia’s ongoing struggle to regulate cryptocurrency despite its legalization in November 2023. While cross-border crypto payments remain permitted, the ban underscores the government’s efforts to balance energy needs with the evolving cryptocurrency landscape. Future adjustments to the ban are possible depending on energy demand fluctuations.
John Q. Hosedrinker