Russia will ban cryptocurrency mining in 10 regions starting from the new year in order to prevent power outages as it prepares for harsh winter conditions.
The Russian government has approved a ban on cryptocurrency mining starting next year and announced the regions where the bans will apply, local news agency TASS reported.
Accordingly, cryptocurrency mining will be completely banned in 10 Russian regions for six years, starting from January 1, 2025. The ban is planned to be valid until March 15, 2031.
Accordingly, the Russian government banned cryptocurrency mining in 10 regions, including Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, Donetsk and Luhansk People’s Republics, as well as Zaporizhia and Kherson regions.
In addition, mining activities will be temporarily banned in Irkutsk, Buryatia and some regions of the Trans-Baikal Territory during peak energy consumption periods, the Russian government added.
Accordingly, the temporary restrictions will be in effect between January 1 and March 15 in 2025, and for a longer period between November 15 and March 15 in subsequent years.
Russia’s latest mining restrictions are reportedly softer than the first ones proposed in November.
The first proposal planned to ban cryptocurrency mining in 13 regions, including Russia’s important mining region of Irkutsk.
*This is not investment advice.
