Russia imposes a crypto mining ban across 13 regions to manage energy consumption, effective December 1, with enforcement from November 15 to March 15 until 2031.
Buryatia will ban cryptocurrency mining from December 1, 2024, to March 15, 2025, due to peak energy consumption in winter. The ban will be enforced annually until 2031, ensuring stable electricity supply and preventing power outages. Miners are advised to relocate to areas with surplus energy.
Buryatia restricts crypto mining to prevent energy shortages. Mining electricity usage rose 40%, straining the power grid. Over 500 million kWh consumed, akin to a city's usage. Restrictions target illegal miners. Saved energy to boost industry, aiming for 5% economic growth by 2025.
Only two Bitcoin mining companies are legally recognized in Buryatia. Most miners operate illegally, causing uncontrolled electricity consumption and affecting the power grid.
Buryatia plans to upgrade the Gusinoozerskaya Thermal Power Plant by 2029 to support the growing Bitcoin mining industry. This will boost regional power capacity, create additional power reserves, and position Buryatia as a hub for blockchain and cryptocurrency development.
Russia's new power plant in Buryatia aims to enhance energy supply solutions for Bitcoin mining, strengthening its crypto industry.
Russia faces power outages due to illegal "gray mining" of cryptocurrencies. This has led to increased electricity consumption and grid overloads. Authorities plan to introduce fines and confiscation measures to stabilize the energy system.
Russia plans to introduce a separate electricity category for crypto miners to regulate energy usage and prevent grid overloads.
The Russian Ministry of Energy proposes limiting power to crypto miners during peak hours to prevent grid overload, decreasing energy consumption by $1.7 billion annually.
