Russia imposes crypto mining restrictions in ten regions
(MENAFN) Starting Wednesday, cryptocurrency mining has been restricted or outright banned in ten Russian regions due to electricity shortages, with the measures set to remain in effect until March 15, 2031.
The regions affected include Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, and Chechnya, as well as the recently integrated territories of Donetsk, Lugansk, Zaporozhye, and Kherson. Additionally, temporary mining restrictions have been implemented during peak energy consumption periods in Irkutsk, Buryatia, and Transbaikal.
These measures aim to balance energy resource management and address power shortages while accommodating industrial energy needs.
In 2022, President Vladimir Putin signed a law that officially recognized cryptocurrency mining as part of economic turnover rather than as currency issuance. The legislation allows only registered legal entities and individual entrepreneurs to engage in mining. However, individual miners can participate without registration as long as their energy usage stays within government-established limits.
This move reflects Russia's attempt to regulate the energy-intensive cryptocurrency mining sector while mitigating its impact on local power supplies.
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