In a move to balance technological development and ensure energy security, the Russian government has decided to ban cryptocurrency mining for 6 years in certain regions. The ban will take effect from January 1, 2025, and will end on March 15, 2031.
The ban on cryptocurrency mining will apply in 10 regions and territories including Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, the Donetsk People's Republic, and Luhansk, along with the two regions of Zaporizhzhia and Kherson.
In addition to the comprehensive ban, Russia will also partially restrict mining activities in three regions of Siberia: Irkutsk, Buryatia, and Zabaikalsky during the winter peak energy consumption period.
This is a necessary step to ensure the sustainable development of this industry. However, to fully assess the impact of this decision, we need to closely monitor market developments in the coming time.
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