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Coinpaprika 2024-12-25 12:18:15

Russia Imposes 6-Year Crypto Mining Ban

Russia is tightening its grip on cryptocurrency mining with a 6-year ban in 10 regions starting January 2025 and lasting until March 2031. This move comes as part of a broader strategy to balance energy consumption and ensure grid stability amid rising demand. Seasonal restrictions will also apply in other areas, highlighting the government's cautious approach to regulating the sector. The regions facing an outright ban include Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, Donetsk, Lugansk, Zaporizhzhia, and Kherson. Meanwhile, in regions like Irkutsk, Buryatia, and the Trans-Baikal Territory, crypto mining will be paused during peak energy seasons: from January 1 to March 15, 2025, and annually from November 15 to March 15 thereafter. According to TASS, Russia’s state news agency, these restrictions are not set in stone and could change depending on the decisions made by the government’s legal committee overseeing energy policies. The aim is to balance electricity usage across regions, preventing energy shortages while maintaining economic stability. Sergei Kolobanov, Deputy Director of the Center for Economics of the Fuel and Energy Complex at CSR, explained that electricity subsidies play a significant role in this decision. In regions with low-cost energy, producers and consumers in other areas often shoulder the financial burden. Kolobanov suggests that if the energy market becomes more liberalized and capacity increases, some restrictions might eventually be lifted. Russia’s share in global Bitcoin mining hashrate has dropped significantly over the years. In 2021, Russia accounted for 11% of the global hashrate, but by 2024, this figure had fallen to 4.7% . Data from Cambridge University also reveals a decline in Russia’s average monthly hashrate, falling from 13.6 Eh/s to 8.7 Eh/s. In contrast, the United States dominates with a 37.8% share of the global Bitcoin mining hashrate. Despite legalizing cryptocurrency mining in August 2023, Russia has struggled to see meaningful growth in the sector. The government’s energy concerns and regional restrictions have acted as significant roadblocks. However, Russia has shown increasing openness to cryptocurrency usage in other areas. Cross-border crypto payments are now permitted, and plans are underway to launch state-backed cryptocurrency exchanges . Additionally, Russian lawmakers have floated the idea of holding Bitcoin reserves to strengthen financial stability amid international sanctions and economic challenges. While the regulatory environment remains complex, these developments indicate Russia’s evolving stance toward integrating cryptocurrencies into its financial system.

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