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Russia bans crypto mining in multiple regions, citing energy concerns (www.engadget.com)

submitted 5 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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[–] GhiLA@sh.itjust.works 1 points 5 months ago* (last edited 5 months ago) (1 children)

Seems like a terrible thing to invest in.

It gets more difficult as it goes along, requiring more power, more hardware, more energy...

At some point doesn't it break some kind of negative even, no matter how good you're doing? Eventually, it would have to be worth an extravagant amount to make it worth mining.

Isn't it a straight shot right into the garbage at base value?

[–] explodicle@sh.itjust.works 1 points 5 months ago

The "difficulty" of the problem being solved automatically adjusts.