Russian Energy Ministry Proposal Would Limit Crypto Mining Activities in Special Regions
- Patricia ArquetteOriginal
- 2024-11-17 18:26:26891browse
While authorities have declared the crypto mining industry relevant for Russia, their actions show that developing other essential activities has priority over these.
The Russian Energy Ministry has proposed limiting crypto mining activities in certain special regions that are affected by energy shortages.
Following the enactment of the recent national cryptocurrency law, authorities now have the right to impose such a ban.
The proposal would start applying these restrictions this upcoming December.
An unidentified source confirmed the proposal, stating that it will be discussed at a meeting of the governmental commission on November 18.
The Energy Ministry noted that the possible upcoming restrictions were justified due to forecasted energy shortage periods in some regions.
The Ministry explained it was prudent to “ban the mining of digital currency in areas facing critical regulatory and fiscal parameters and regions with subsidized electricity prices during forecasted shortages.”
The Irkutsk Region, Buryatia, the Trans-Baikal region, Karachay-Circassian region, the Kabardino-Balkaria region, the North Ossetia-Alania region, Ingushetia, Chechnya, Dagestan, the Kherson region, the Zaporizhzhia region, the Donetsk People’s Republic (DPR) and the Lugansk People’s Republic (LPR) are among the locations that will be likely affected by this measure.
These would hit mining operators in these regions from December 1, 2024, to March 15, 2025.
Then, mining would be banned in these locations from November to March each year at least until 2031.
The decision to restrict crypto mining activities at a state level is no surprise.
Last month, Russian Deputy Energy Minister Yevgeny Grabchak stated these restrictions would have to be in place due to the power shortages in regions like Siberia.
At the time, he noted the Russian state would not be able to guarantee “large capacities to anyone in the long term until 2030.”
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