Russia bans crypto mining in multiple regions, citing energy concerns

The Russian government banned crypto mining in ten regions for a period of six years, . Russia cited the industry’s high levels of energy consumption as the main reason for the ban. Crypto is particularly energy intensive, as mining operations are already reporting .

This ban takes effect on January 1 and runs until March 15, 2031. The country’s cabinet also said additional bans may be needed in other regions during periods of peak energy demand. It can also go in the opposite direction. The ban may be temporarily lifted or modified in certain regions if a government commission studies changes in energy demand and deems it necessary.

Cryptocurrency mining is only as the country had . Miners must register with the Ministry of Digital Development and power consumption limits are constantly monitored.

The country banned the use of cryptocurrencies but allows cross-border payments. The latter is largely seen as an attempt by Russia to avoid sanctions .

Russia isn’t the only country putting a damper on crypto mining due to the industry’s obscene energy demands. Kosovo to save electricity during energy crisis. Angola . This country’s law goes a step further and criminalizes crypto mining. Several European countries, began to strictly regulate the industry due to energy shortages.