this post was submitted on 26 Dec 2024
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Russia bans crypto mining in multiple regions, citing energy concerns (www.engadget.com)
submitted 3 months ago by StraponStratos to c/world@quokk.au
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The Russian government has banned crypto mining in ten regions for a period of six years, according to reporting by the state-owned news agency Tass. Russia has cited the industry’s high power consumption rates as the primary reason behind the ban. Crypto is particularly power-hungry, as mining operations already account for nearly 2.5 percent of US energy use.

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[–] Mubelotix@jlai.lu 14 points 3 months ago (2 children)

Knowing Russia has been endorsing mining for years, that means their economy is so severely damaged it's on brink of collapsing

[–] GammaGames@beehaw.org 8 points 3 months ago* (last edited 3 months ago)

It’s only been legal to mine in Russia for a few months, and you still have to register with the government if you use over a certain amount of energy to monitor consumption. How is that endorsing?

Edit: Ah, it’s part of their attempt to get around sanctions:

“As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions)," Siluanov told Russia 24 television channel.
"Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year," he said, adding that international payments in digital currencies represent the future.

[–] Aatube@kbin.melroy.org 5 points 3 months ago (2 children)

They have? I’d like to know.

[–] Mubelotix@jlai.lu 13 points 3 months ago

I mean, they were glad to host few of the largest bitcoin mining companies and they claim to use Bitcoin themselves so...

[–] andrew_bidlaw@sh.itjust.works 5 points 3 months ago

After a global ban in China may farms moved to Kazakhstan and Eastern Russia.