Russia Slams Brakes on Crypto Mining Amid Energy Concerns

Russia has implemented a decree banning cryptocurrency mining in 10 regions across the country until March 15, 2031. The affected areas include North Caucasus republics and Russian-occupied Ukrainian territories.

The government claims this is an energy grid protection measure, aimed at maintaining balance between industrial demand and consumption. However, it's worth noting that Russia recently legalized mining nationwide, requiring registration with the Federal Tax Service (FTS) and income reporting.

Approximately 50,000 mining operators will be impacted by the decree, including BitRiver, the largest mining firm. The Ministry of Energy estimates that crypto mining consumes around 16 billion kilowatt-hours annually, or 1.5% of total energy use in Russia.