Key Takeaways:
- Comprehensive Ban: Russia will enforce a six-year ban on crypto mining in 10 regions, including Dagestan, Chechnya, and newly annexed territories, effective January 1, 2025.
- Seasonal Limits: Siberian regions like Irkutsk will face seasonal restrictions to address winter energy demands, initially spanning January to March 2025, and expanding in subsequent years.
- Economic Adjustments: Authorities revised broader bans to seasonal restrictions in key hubs like Irkutsk to balance energy needs and economic significance.
Russia has announced a six-year ban on cryptocurrency mining in 10 regions, starting January 1, 2025, and ending March 15, 2031.
The ban applies to regions such as Dagestan, Chechnya, and the newly annexed territories, prohibiting both individual miners and mining pools.
JUST IN: 🇷🇺 Russia to Ban Crypto Mining in 10 Regions for 6 Years Due to Energy Shortages Starting Jan 2025.
— Crypto India (@CryptooIndia) December 24, 2024
Note: Crypto mining remains legal in Russia; the ban applies only to specified regions facing energy challenges. pic.twitter.com/nmJzwMNkC9
Additionally, seasonal restrictions will be imposed in Siberian regions, including Irkutsk, Buryatia, and Zabaikalsky, to prevent energy shortages during peak winter months.
Initially, these restrictions will last from January to mid-March in 2025 but will expand to cover November to March in subsequent years.
The regulations reflect an evolving approach to cryptocurrency mining.
Earlier proposals included a more extensive ban covering 13 regions, but lawmakers opted for seasonal restrictions in economically significant areas, recognizing their importance.
Irkutsk, a key mining hub known for its low electricity costs, has played a pivotal role in hosting major mining operations, including BitRiver, one of Russia’s largest data center operators.
These measures aim to balance energy stability and economic priorities.
RUSSIA TO IMPOSE SIX-YEAR BAN ON CRYPTO MINING ACROSS TEN REGIONS
— BSCN (@BSCNews) December 24, 2024
– Russia is set to impose a long-term ban on crypto mining across specific regions in the nation.
– The Russian TASS agency uncovered the news, which disclosed that the ban will commence on January 1, 2025, and… https://t.co/XBPivE4wSc pic.twitter.com/IiXfqz58Vl
While bans are enforced in specific regions, mining activity will continue under regulated conditions in others.
The restrictions highlight Russia’s efforts to address energy concerns without completely sidelining the cryptocurrency mining sector.
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