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The Russian government has sanctioned a decree prohibiting cryptocurrency mining in 10 regions from January 1, 2025, until March 15, 2031, as reported by TASS.
This measure is intended to tackle energy-related issues and incorporates seasonal limitations in significant mining locations to avert power shortages.
The prohibition focuses on areas with scarce energy resources or those that depend heavily on seasonal energy supplies. These new regulations signify the increasing initiatives by Russian legislators to oversee the energy-demanding cryptocurrency industry.
Mining Ban To Be Enforced in Certain Regions
The Russian government is enacting a prohibition on digital currency mining, including involvement in mining pools, in the following areas: Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, the Donetsk and Lugansk People’s Republics, along with the Zaporizhia and Kherson regions, as outlined in the resolution.
Crypto mining will also face temporary restrictions in specific parts of the Irkutsk Region, Buryatia, and the Zabaikalsky Krai, but only during peak energy usage periods.
North Caucasus regions, Russian — Source: Wikipedia
As per the report, the enumeration of regions and territories is not definitive and may be modified based on the decisions made by the government commission regarding electric power development.
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The aim of these restrictions is to preserve the equilibrium of energy consumption while considering the needs of the industry.
Legal Status of Crypto Mining in Russia
Crypto mining has been authorized in the Russian Federation, contingent upon the provision of information regarding the assets obtained and the addresses of crypto wallets to the Federal Tax Service (FTS).
On November 1, the FTS initiated a service for registering miners’ data – this is compulsory for individual entrepreneurs and legal entities. Individuals are permitted to acquire digital currency within a limit of 6 thousand kWh per month.
AI Technology To Combat Illegal Crypto Mining
Earlier this month, it was revealed that a group of Russian researchers has created an AI solution capable of identifying illegal crypto mining activities. This innovative solution is described as a “world’s first” and will enable power companies to “combat illegal mining.”
The solution was reportedly developed by St. Petersburg State University. Its creators referred to illegal crypto mining as “one of the most pressing problems” currently confronting “Russia’s energy system.”
The post Russia to Ban Mining Activity in 10 Regions From Jan 2025: Report appeared first on Cryptonews.
