Crypto Miners Consume 2% Of Total Power In Russia, Official Says

Crypto miners consume 2% of Russia’s overall power usage, according to the most recent official estimate. 

iexclusivenews reports that after falling out of the top three in worldwide Bitcoin (BTC) mining hash rate share. Russia’s crypto mining business now consumes more energy than the country’s agricultural sector, indicating indications of recovery. 

This online news outlet understands that following the latest mining estimate. Russia’s deputy minister of commerce and industry, Vasily Shpak, advocated for putting the mining industry under the law. He stated; 

“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 is classified as a “gray zone,” meaning it is neither prohibited nor regulated, posing a danger to individuals participating in the sector. After the crypto mining business is regulated, the deputy minister promises that it will shift to more energy-intensive technologies. 

Related: Amid sanctions, Russia weighs crypto for international payments: Report 

The proposals for crypto mining regulation came only days after the country’s MPs proposed an amended version of the crypto mining bill. Two sub-sections of the amended law were removed: the need for mining operators to join a special registry and a one-year tax amnesty for all those who have registered.

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In addition to the deputy minister of commerce, the country’s prime minister, Mikhail Mishustin, has called for an investigation into the crypto mining business. Mishustin stated in April:

“We also think that in order to stimulate investment, primarily in fixed capital, we can discuss mining issues, this is the creation of data centers and related infrastructure,” 

On the other hand, the Russian central bank continues to advocate for a complete ban on mining operations in the nation. 

Bitcoin mining hash rate share. Source: CBECI 

Meanwhile, iexclusivenews Nigeria reports that according to the latest data from the Cambridge Bitcoin Electricity Consumption Index, Russia’s BTC mining hash rate share has plummeted to 4.55 percent, trailing Kazakhstan, China, and the United States (CBECI).