Russia bans cryptocurrency mining in low energy regions

Russia has banned cryptocurrency mining in some Siberian regions to prevent power shortages during the winter and banned it in areas of Ukraine it has annexed, a government commission announced Tuesday.

The ban will be enforced during the winter months in three regions near Lake Baikal, where cryptocurrency mining has flourished in recent years, due to the low cost of electricity, mainly generated by large hydropower plants.

In the annexed areas of Ukraine, much of the energy infrastructure has been destroyed since Russia sent in its forces in 2022, causing electricity shortages.

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According to official estimates, cryptocurrency mining in Russia consumes 16 billion kilowatt-hours annually, or about 1.5% of the country’s electricity consumption, creating challenges for regions with harsh climates.

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Along with the United States, China, Kazakhstan and Canada, Russia is the global leader in crypto-mining. This year, Russia enacted new legislation regulating the activity and introduced a tax expected to collect up to 200 billion rubles ($2 billion) a year from miners.

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