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coinpedia 2024-12-24 08:17:25

Russia Bans Crypto Mining in 10 Regions Until 2031: Key Details Revealed

The post Russia Bans Crypto Mining in 10 Regions Until 2031: Key Details Revealed appeared first on Coinpedia Fintech News Russia has announced a major decision to regulate cryptocurrency mining by banning it in 10 regions until 2031. The restrictions, which will start in January 2025, aim to balance energy usage while prioritizing industrial demands. Additionally, temporary mining restrictions will apply in three other regions during peak energy consumption periods. Regions Affected by the Mining Ban The Russian government has listed regions such as Dagestan, Chechnya, and the Donetsk and Lugansk People’s Republics, among others, where crypto-mining activities will be entirely prohibited. These restrictions are part of a broader effort to manage energy resources efficiently while accommodating industrial requirements. Meanwhile, in parts of Irkutsk, Buryatia, and the Zabaikalsky region, mining will only be restricted during high-demand periods, such as January to March in 2025 and November to March in later years. Flexibility in Restrictions Officials have noted that the list of restricted regions could change based on recommendations from the government commission responsible for electric power management. The primary objective of these measures is to ensure a stable energy supply for industries while controlling the strain on the energy grid caused by crypto mining. Mining Legal but Heavily Regulated This decision follows Russia’s move in November 2023 to legalize cryptocurrency mining. The framework requires miners to register with the Federal Tax Service, providing detailed information about their assets and wallet addresses. Individual miners are permitted to mine within a limit of 6,000 kWh per month, ensuring compliance with the country’s energy policies. Balancing Crypto Innovation By imposing these restrictions, Russia aims to address the energy needs of industries while allowing regulated crypto mining. These measures highlight the government’s intent to integrate cryptocurrency activities into the economy responsibly, ensuring that energy stability remains a priority.