Russia Plans to Ban Crypto Mining in Occupied Ukrainian Territories
As the war between Russia and Ukraine enters its thousandth day, Russian authorities have announced plans to ban crypto mining in occupied territories of Ukraine. This decision comes as part of Russia’s efforts to address the country’s “difficult regime-balance” and the impact it has on the electricity industry.
Deputy Prime Minister Alexander Novak led a meeting with top ministers to discuss the electricity supply and capacity issues faced during the autumn-winter months. The proposed ban on crypto mining extends to captured Ukraine territories, including Donetsk, Lugansk, Zaporizhia, and Kherson regions.
The Moscow Times reported that Russia’s government is taking a comprehensive approach to the issue, with plans to ban crypto mining activities in six territories in the North Caucasus region until 2031. Additionally, the Irkutsk, Buryatia, and Zabaikalsky Krai regions will face a partial mining ban during the autumn-winter months.
It is worth noting that Russia only legalized crypto mining on November 1, but the ban on mining activities in certain regions comes into effect shortly after, leaving a mere 18-day window for legal mining operations.
Today marks the 1,000th day since Russia’s invasion of Ukraine. In a significant development, Ukraine launched long-range missiles into Russian territory, using equipment provided by the United States after the White House lifted a ban on their use in the conflict.
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