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The Daily Hodl 2024-12-24 23:01:10

Russian Government To Ban Bitcoin Mining in 10 Different Regions Due to Energy Shortages: Report

Russian Government To Ban Bitcoin Mining in 10 Different Regions Due to Energy Shortages: Report

Russian authorities reportedly plan to prohibit cryptocurrency mining in 10 regions and impose seasonal restrictions in three others beginning January 1, 2025, amid growing concerns over energy shortages. According to a new report from the state-controlled TASS, the complete ban will affect regions including Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, and the recently annexed territories of Donetsk, Lugansk, Zaporizhzhia and Kherson. The prohibition is reported to remain in effect until March 15, 2031. In addition, three Siberian regions — Irkutsk, Buryatia and Zabaikalsky — will face seasonal mining restrictions during peak energy consumption periods. These limitations will run from January to mid-March 2025, expanding to November through March in subsequent years. The measures follow cryptocurrency mining legislation signed by Russian President Vladimir Putin in late 2024, aimed at preventing power shortages and blackouts. The energy-intensive nature of proof-of-work crypto mining has reportedly strained Russia’s power grid, particularly in regions with limited infrastructure, according to TASS. Both individual miners and mining pools must cease operations during restricted periods, marking Russia’s most aggressive step yet to address its energy challenges while maintaining economic stability. Earlier this year, Bitcoin ( BTC ) miners based in Russia mined billions of dollars worth of the top crypto asset by market cap last year. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/iurii/Vladimir Sazonov The post Russian Government To Ban Bitcoin Mining in 10 Different Regions Due to Energy Shortages: Report appeared first on The Daily Hodl .

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