Russia Issues 6-
Year Ban on Crypto
Mining in 10 Regions
Russia is increasingly enacting more detailed regulations in the crypto
sector. In August, President Vladimir Putin• Объект человек » Персоналии по алфавиту » Персоналии на Пу » Путин, Владимир Владимирович legalized crypto mining. Since
then, the country has introduced new regulations to align crypto-mining
activities with national energy demands.
The recent additional regulations include both outright bans and seasonal
restrictions, set to take effect early next year.
Russian Government• Объект организация » Организации по алфавиту » Организации на Пр » Правительство РФ
• Россия » Государственное устройство России » Правительство РФ
• Государство » Государственное устройство России » Правительство РФ Approves List of Regions Banned from Crypto Mining
TASS, Russia s leading state news agency, reports that Russia plans a
six-year ban on cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта mining from January 1, 2025, to March 15, 2031,
in 10 regions. These regions include Dagestan, Ingushetia, Kabardino-Balkaria,
Karachay-Cherkessia, North Ossetia, Chechnya, Donetsk, Lugansk, Zaporizhzhia,
and Kherson.
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In some areas like Irkutsk, Buryatia, and the Trans-Baikal Territory, Russia
will restrict mining activities instead of enforcing a total ban. These
regions will pause mining operations from January 1 to March 15, 2025, and
from November 15 to March 15 in subsequent years.
TASS highlights that the government does not consider the list of banned and
restricted regions permanent and may adjust it based on decisions from the
legal committee managing energy sector development. The government aims to
maintain a balanced energy consumption through these new regulations.
“This is the so-called interregional cross-subsidization, where the low cost
of electricity in regions with regulated contracts is effectively compensated
by producers and consumers in other regions. After market liberalization in
this area, the restrictions could potentially be lifted, provided, of course,
there is sufficient capacity,” Sergei Kolobanov, Deputy Director of the Center
for Economics of the Fuel and Energy Complex at the CSR, told TASS.
According to data from Cambridge University, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin mining in Russia accounts
for 4.7% of the global hashrate , down from 11% in August 2021. Meanwhile,
miners in the United States hold the largest share of the global hashrate at
37.8%. Share of Global Hashrate (Monthly Average). Source: CCAF
Cambridge data also shows that the average monthly hashrate of Russian miners
has dropped from 13.6 Eh/s to 8.7 Eh/s. Despite Russia s legalization of
mining, this has not stimulated significant growth in mining activities within
the country.
However, in 2024, the Russian government• Объект организация » Организации по алфавиту » Организации на Пр » Правительство РФ
• Россия » Государственное устройство России » Правительство РФ
• Государство » Государственное устройство России » Правительство РФ has shown a more open stance toward
cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, including permitting cross-border cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта payments
and preparing to launch state-backed cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта exchanges . Additionally,
Russian lawmakers have proposed holding Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin reserves to enhance financial
stability.
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Президент Российской Федерации Правительство РФ (2008/05/08-2012/05/07) организации Правительство РФ Государственное устройство России
