Russia Bans Crypto Mining in Multiple Regions, Citing Energy Concerns

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. Engadget adds: 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.

This ban takes effect on January 1 and lasts until March 15, 2031. The country's Council of Ministers has also stated that additional bans may be required in other regions during periods of peak energy demand. It could also go the other way. The ban could be temporarily lifted or altered in certain regions if a government commission examines changes in energy demand and deems it necessary.

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