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A company that is changing the way the world mines bitcoin

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Bitcoin Share
crypto.news 2025-01-27 11:16:25

Russia’s largest power grid operator Rosseti to support Bitcoin mining

Russia’s largest power grid operator Rosseti to support Bitcoin mining

Rosseti, the largest state-backed power grid operator in Russia, plans to support Bitcoin mining by utilizing some of its underloaded power centers. According to Russia’s state news agency TASS, Rosseti views the initiative as an opportunity to maximize unused energy capacity while driving additional revenue streams. A translated statement cited in the report states: “The Rosseti Group is the largest grid company in Russia and can act as an operator coordinating the placement of mining infrastructure.” The state-backed energy provider said it was equipped with advanced infrastructure capable of monitoring and managing electricity consumption from mining operations. Rosseti will focus on connecting electricity consumers, particularly Bitcoin miners, to power centers with low-loading prospects. This approach is expected to enhance the use of idle capacity, increase tariff revenues, and support the development of the regional economy through tax contributions. Additionally, the company is mulling introducing specialized tariffs to manage demand effectively and further incentivize the growth of mining operations. You might also like: Demand for crypto mining equipment surges 3x in Russia’s booming market Bitcoin mining has boomed in Russia after President Vladimir Putin introduced legislative changes that allowed businesses and individual entrepreneurs to engage in crypto mining once they were officially registered in the national miners’ registry. Another bill, which came into effect in late November, exempted mining operations from value-added tax. As previously reported by crypto.news, supportive regulations spurred an uptick in demand for mining equipment, which surged three-fold in the fourth quarter of 2024. However, concerns over the strain Bitcoin miners put on local electricity grids have also been raised. In November, the Kremlin warned that Russia could face an energy crisis if the sector goes unchecked. In response, the nation has introduced restrictions that ban crypto mining in certain energy-strained regions like Dagestan, Chechnya, and Ingushetia, as well as specific locations in Irkutsk, Buryatia, and Zabaikalsky Krai, especially during peak periods of high demand. Read more: Russia to impose regional controls over crypto mining starting Jan 2025

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