Russian authorities banned cryptocurrency mining in the southern part of Siberias Irkutsk area up until 2031, under a decree signed by Prime Minister Mikhail Mishustin and published Monday.Previously, crypto mining was prohibited across Irkutsk and much of Siberia just seasonally, from Jan.
1 to March 15.
The brand-new step makes the restriction year-round.
Irkutsk area Governor Igor Kobzev said he had asked for the extended restriction due to the exceedingly high load mining placed on the regions energy system.The temporary restriction in impact from January to March assisted relieve the load on the power grid and freed up 320 megawatts of capacity the equivalent of 146 billion rubles [$ 1.92 billion] in building costs for brand-new power generation facilities, Kobzev composed on Telegram.The restriction covers 21 districts and 8 cities, including Irkutsk, however omits Bratsk home to the Bratskaya Hydroelectric Power Plant, a major electricity supplier in the region.In late 2024, Dossier Center, an investigative outlet funded by exiled business person Mikhail Khodorkovsky, connected State Duma Deputy Andrey Lugovoi to an information center in Bratsk involved in crypto mining.
The center reportedly received affordable electrical power, forcing other consumers to pay higher rates to balance out the costs, according to a source cited by the outlet.Cryptocurrency mining is also prohibited through 2031 in the North Caucasus and Russian-occupied parts of Ukraine.
Journalists have explained the North Caucasus republic of Dagestan, plagued by long blackouts and aging infrastructure, as Russias crypto mining capital.Russia is the worlds second-largest crypto mining hub after the United States, consuming 16 billion kilowatt-hours of electrical power each year about 1.5% of its overall energy usage according to the Energy Ministry.