Russia Bans Cryptocurrency Mining for Six Years

Cryptocurrency mining is an electricity-intensive activity, and in Malaysia itself, there are many syndicates stealing electricity used to reduce mining costs.Recently, it has been reported that the Russian government will begin banning cryptocurrency mining for six years from January 1, 2025 to March 15, 2031. The reason given is due to the extremely high electricity consumption, and therefore, cryptocurrency mining is banned in 10 regions of the country.These regions include Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, Donetsk, Lugansk, Zaporozhye and Kherson. Irkutsk, Buryatia and the Transbaikal region will also be subject to similar restrictions, but only during periods when electricity consumption is high.This is also quite interesting because cryptocurrency mining has only recently been officially allowed, and companies in the country will also use Bitcoin as an alternative payment method due to the economic and trade restrictions imposed on the country.

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Russia Bans Cryptocurrency Mining for Six Years

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