Crypto Miners Account for Over 2% of Electricity Consumption in Russia, Estim...
The share of crypto miners in Russia’s power consumption structure already exceeds 2%, according to a new government estimate. On this backdrop, the country’s industry ministry believes it’s time to bring the sector out of the shadows and regulate it. Crypto Miners Burn More Electricity Than Russian Farmers Miners extracting digital currencies account for more than 2% of the total volume of electricity consumed in the Russian Federation and their activities need to be “whitewashed” and regulated, Russia’s Deputy Minister of Industry and Trade....
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Power needs of cryptocurrency miners in Russia have grown significantly since 2017, with consumption of electrical energy seeing a 20-fold increase over the five-year period. In 2021, the minting of the coin with the largest market cap, bitcoin, required 1.25 gigawatts in the country. Experts say, however, that Russia has the spare capacities to satisfy much larger demand. Crypto Miners Spend as Much Power as Russian Farmers Electricity consumption in Russia’s crypto mining industry has been constantly rising since 2017, a new study has established. The positive trend led to an....
Crypto mining falls under the “gray zone” in Russia, which means even though it's not banned, it doesn’t fall under the purview of law which could pose risks for those involved. Crypto miners account for two percent of the total electricity consumption in Russia, according to the latest government estimate.The energy consumption share of the crypto mining industry has exceeded the country’s agricultural sector, showing signs of recovery after Russia fell out of the top three in the global Bitcoin (BTC) mining hash rate share.Russia's deputy minister of trade and industry Vasily Shpak....
Russian President Vladimir Putin has cautioned of an impending energy problem brought about by the unbridled growth of bitcoin mining in his nation. Emphasizing the enormous power consumption of mining activities, Putin said that these operations account for about 1.5% of Russia’s overall electricity consumption. This translates to a whopping 16 billion kilowatt-hours yearly. The […]
Russia’s Irkutsk region saw its energy consumption rates surge by 160% following China’s crackdown on crypto mining. The Russian Ministry of Energy is looking to introduce special electricity tariffs for cryptocurrency miners following migration of the industry into the country from nearby China.Russian Energy Minister Nikolai Shulginov announced Wednesday that the authority is working on a new framework to differentiate tariffs between general usage and cryptocurrency mining, local news agency RBC reported Oct. 13.Shulginov said that cryptocurrency miners in Russia should not consume....
Those who mine cryptocurrencies with power intended for domestic use will pay hefty fines, the Iranian government warned. The country is experiencing shortages due to reduced hydropower generation as authorities register a surge in electricity consumption for cryptocurrency mining. Crypto Miners to Pay for Damages to the Power Grid Hydropower plants in Iran have been working with limited capacity as a result of insufficient rainfall this year. At the same time, authorities say the minting of digital coins consumes more and more electrical energy. Illegal mining operations, often relying....