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Russia bans crypto mining in multiple regions, citing energy concerns (www.engadget.com)

submitted 2 weeks ago by [email protected] to c/[email protected]

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The Russian government has banned crypto mining in ten regions for a period of six years, according to reporting by the state-owned news agency Tass. Russia has cited the industry’s high power consumption rates as the primary reason behind the ban. Crypto is particularly power-hungry, as mining operations already account for nearly 2.5 percent of US energy use.

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[–] [email protected] 12 points 2 weeks ago (1 children)

Knowing Russia has been endorsing mining for years, that means their economy is so severely damaged it's on brink of collapsing

[–] [email protected] 3 points 2 weeks ago (2 children)

They have? I’d like to know.

[–] [email protected] 12 points 2 weeks ago

I mean, they were glad to host few of the largest bitcoin mining companies and they claim to use Bitcoin themselves so...

[–] andrew_bidlaw 5 points 2 weeks ago

After a global ban in China may farms moved to Kazakhstan and Eastern Russia.