Russia bans crypto mining in multiple regions, citing energy concerns

image via Engadget

December 24, 2024, 4:31 PM

• •The Russian government has banned crypto mining in ten regions for a period of six years.
• •The ban takes effect on January 1 and lasts until March 15, 2031.
• •Russia has cited the industry’s high power consumption rates as the primary reason behind the ban.

Russia has banned crypto mining in ten regions for a period of six years, citing the industry's high power consumption rates. The ban takes effect on January 1 and lasts until March 15, 2031. Russia isn't the only country to put the kibosh on crypto mining due to the industry's obscene energy demands. Kosovo outlawed the practice back in 2022 to conserve electricity during an energy crisis. Angola did the same in April of 2024. That country's law goes a step further and criminalizes crypto mining. Several European countries, like Iceland and Norway, have started to strictly regulate the industry due to energy shortages.

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