EU Carbon Pricing Drives Bitcoin Mining to Russia for Cost Savings

A study by Vietnamese researchers has found that strict carbon pricing in the EU is driving Bitcoin mining operations to shift to Russia for cost savings. The study discovered that companies are turning off their mining rigs in the EU and activating them in Russia during periods of high carbon prices to maximize profits.

The new Russian crypto mining bans starting in 2025 may limit this trend, however. Despite this, the study highlights the impact of carbon regulations on the geographic distribution of Bitcoin mining activities.