Russia Plans to Restrict Crypto Mining in 13 Regions to Save Power!

Mining business is flourishing in some developed countries but these mining businesses which can be called mines in a sense require huge amount of energy to run them. Which creates a huge pressure on the power plants of a country. Because running these Bitcoin mines requires a huge amount of energy that can meet the electricity needs of many countries. However, the Russian government has recently passed legislation targeting the industry. And as a result of adopting this law, the Russian government is currently considering banning cryptocurrency mining in 13 regions of the country.

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In this regard yesterday, the Deputy Prime Minister of Russia held a government commission meeting. The meeting was mainly to discuss the development of electric power industry. The main objective of this meeting was to prevent the shortage of electricity in the country. So as to prevent shortfall during the peak season of the country's energy demand. And that's why officials agreed and proposed limiting mining operations to areas facing power supply challenges. The Deputy Prime Minister of Russia held a meeting on various energy supply and industries including electricity, bitcoin mining, hydropower, electric power.

In order to ensure the supply of electricity at other times, the country's government is currently planning to adopt such restrictions in the country's main crypto mining region, including the country's occupied Ukrainian territories where Bitcoin mining mines are located, and in Kherson. The planned restrictions they are currently imposing could last until 2031. Russia's crypto mining bans are planned to be introduced in several regions of Siberia. An official of the country's government is providing this information so that the country can ensure electricity supply. However, the country's government is expected to implement the restrictions until 2031 in order to ensure the country's electricity supply, especially during the autumn-winter heating season.

In particular, these sanctions have proposed similar restrictive measures for some regions and there until 2031. Irkutsk, Russia is one of its main regions for crypto mining.
If this law is implemented and approved, it will seriously affect crypto mining operations in Russia. The reason is thought to be that some major local industrial companies like Bee River rely heavily on cheap electricity in regions like Irkutsk. Siberian regions like Irkutsk have become attractive to crypto miners. Due to many favorable conditions such as significant hydropower potential of renewable energy, low electricity rates and cold climate. Russia's new crypto mining law not only restricts electricity, but the country has introduced many other restrictions. Such as banning foreign persons from mining in the country, as well as allowing the government to ban mining in areas vulnerable to power supply shortages.