sms on Nostr: Russia has announced a six-year ban on cryptocurrency mining in ten regions, starting ...
Russia has announced a six-year ban on cryptocurrency mining in ten regions, starting January 1, 2025.
This bold move aims to address severe energy shortages that have plagued these areas, leading to frequent power outages.
The ban raises questions about its potential impact on #Bitcoin.
While it’s unclear exactly how much global hashrate originates from Russia, the country dedicates an estimated 1.5% of its total electricity consumption (roughly 16 billion kilowatt-hours annually) to crypto mining.
Critics often label Bitcoin’s energy use as wasteful, but its insatiable demand for power has historically driven innovation in energy markets and grid efficiency.
Will this mining ban stabilize Russia’s power grid, or will it backfire by stifling economic opportunities in the burgeoning crypto sector?
Only time will tell whether this decision is a necessary sacrifice or a lose-lose scenario for Russia and the global #BTC mining community.
This bold move aims to address severe energy shortages that have plagued these areas, leading to frequent power outages.
The ban raises questions about its potential impact on #Bitcoin.
While it’s unclear exactly how much global hashrate originates from Russia, the country dedicates an estimated 1.5% of its total electricity consumption (roughly 16 billion kilowatt-hours annually) to crypto mining.
Critics often label Bitcoin’s energy use as wasteful, but its insatiable demand for power has historically driven innovation in energy markets and grid efficiency.
Will this mining ban stabilize Russia’s power grid, or will it backfire by stifling economic opportunities in the burgeoning crypto sector?
Only time will tell whether this decision is a necessary sacrifice or a lose-lose scenario for Russia and the global #BTC mining community.