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Russia has banned crypto mining in 10 regions due to energy demands. Russia remains open to Bitcoin and crypto mining but with strict tax compliance conditions. The Russian government has approved crypto mining restrictions in a list of regions and territories. According to the local news agency TASS, crypto mining will remain restricted in 10 regions from January 1, 2025, to March 15, 2031. These restrictions align with Russia’s crypto mining regulations, which the president signed in August and October 2024. Russia Deviates from Complete Ban The 10 regions to see a complete ban for six years include Donetsk. Lugansk People’s Republics, Zaporizhzhia, Kherson, Chechnya, North Ossetia, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, and Dagestan. According to the report, the ban will impact individual crypto mining and mining pool operations. Besides these restrictions, Russia will introduce a seasonal ban in some regions during peak energy consumption periods. The regions that experience these temporary restrictions during winter include certain areas of Irkutsk, Buryatia, and Zabaikalsky. These seasonal restrictions will apply in 2025 from January 1 to March 15. In the following years, it will extend to a longer period, from November 15 to March 15.  Russia’s Cabinet of Ministers said the list of regions and territories is subject to change in response to the government’s findings on electric power development challenges. Such limitations are intended to preserve the equilibrium of energy use while accounting for industry demands. The latest mining restrictions in Russia are an improved version of an earlier one proposed by the government in November. Initially, lawmakers intended to ban crypto mining in 13 regions, including Irkutsk, Russia’s key mining region.  Major Russian mining companies like BitRiver rely on cheap electricity in  Irkutsk. Local sources revealed that the Irkutsk region hosts the first and largest data center by BitRiver, which was launched…

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Filed under: News - @ December 25, 2024 5:20 am