Russia Bans Crypto Mining Till 2031

The Russian government has made a significant decision regarding cryptocurrency mining, announcing that it will be banned in 10 regions until 2031.

These measures will come into effect in January 2025 and are intended to strike a balance between energy consumption and industrial needs.

Additionally, there will be temporary mining restrictions in three other regions during periods of high energy demand. Regions such as Dagestan, Chechnya, and the Donetsk and Lugansk People’s Republics are included in the list of completely prohibited areas for crypto-mining.

These restrictions form part of a larger effort to efficiently manage energy resources and cater to the needs of industrial sectors. In some areas, such as Irkutsk, Buryatia, and the Zabaikalsky region, mining activities will only be restricted during months of peak energy consumption, such as January to March in 2025 and November to March in subsequent years.

Officials have stated that the list of prohibited regions may be subject to change based on recommendations from the government commission responsible for managing electricity.

The primary goal of these measures is to ensure a stable energy supply for industries, while also reducing strain on the energy grid caused by crypto mining.