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.

Crypto Tracker

Top coin set

Web3 Tracker

9.10%

buy

Crypto Blue Chip – 5

7.31%

buy

NFT and Metaverse Tracker

7.13%

buy

Smart Contract Tracker

3.98%

buy

BTC 50 :: ETH 50

0.27%

buy

Top Coins (₹)

Bitcoin

7,804,814 (0.72%)

buy

Tether

84 (0.19%)

buy

Solana

20,387 (0.11%)

buy

BNB

51,951 (-0.99%)

buy

Ethereum

262,764 (-1.6%)

buy

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.

do you know

The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.

see details »

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.

Stock trading

Dow theory simplified

By – Vishal Mehta, Independent Systematic Trader
Stock trading

Advanced Strategies in Stock Market Expertise

By – CA Raj K Aggarwal, Chartered Accountant
Stock trading

RSI Made Easy: RSI Trading Course

By – Saurdeep Dey, Equity and Commodity Trader, Trainer
Stock trading

Market 103: Mastering Trends with RMI and Techno-Funda Insights

By – Rohit Srivastava, Founder- Indianarts.com
Stock trading

Candlesticks Made Easy: Candlestick Patterns Course

By – elearnmarkets, Financial Education by StockEdge
Stock trading

Technical Analysis Made Easy: An Online Certification Course

By – Saurdeep Dey, Equity and Commodity Trader, Trainer
Stock trading

Stock Investing Made Easy: An Introductory Stock Market Investment Course

By – elearnmarkets, Financial Education by StockEdge
Stock trading

Technical Trading Made Easy: Online Certification Course

By – Saurdeep Dey, Equity and Commodity Trader, Trainer
Stock trading

RSI Trading Techniques: Mastering the RSI Indicator

By – Dinesh Nagpal, Full Time Trader, Ichimoku and Trading Psychology Expert
Stock trading

Derivative analysis made simple

By – Vivek Bajaj, Co-Founder- Stockj and LearnMarket
Stock trading

Market 101: Insights into Trendlines and Momentum

By – Rohit Srivastava, Founder- Indianarts.com
Stock trading

Futures Trading Made Easy: Futures and Options Trading Course

By – Anirudh Saraf, Founder – Saraf A & Associates, Chartered Accountant
Stock trading

Market 104: Options Trading: Kickstart Your F&O Adventure

By – Saketh R, Founder- QuickAlpha, Full Time Options Trader
Stock trading

Mastery Options Selling: Advanced Strategies for Success

By – CA Manish Singh, Chartered Accountant, Professional Equity and Derivatives Trader