Russia has announced a ban on cryptocurrency mining in certain regions starting from January 1, 2025, due to concerns about the strain it places on the national power supply. The ban is part of a broader strategy to address energy shortages and potential outages during peak electricity consumption periods.
The government is introducing new laws that require miners to register their assets and disclose wallet information to enhance oversight and compliance. These measures aim to reduce illegal activities and ensure tax law adherence.
The ban and regulatory measures will likely reshape the crypto mining industry in Russia, with miners potentially relocating or seeking alternative energy sources. Miners will need to adapt to the changing regulations and focus on transparency and compliance as the government refines its approach to cryptocurrency.