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 called for bringing the mining industry under the purview of law in the wake of the recent mining estimate. He said:
“Do you know how much mining accounts for in the overall map of electricity generation in our country? And I’ll tell you: more than 2%. This is more than the cost of electricity for agriculture. We cannot but recognize mining in this sense as an industrial activity or industry.”
Crypto mining in Russia falls under the “gray zone.” Even though it is not banned, it is not regulated either, which creates a risk for those involved in the industry. The deputy...
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