Russia plans to ban cryptocurrency mining from December 1, 2024, aiming to prevent electricity shortages in several regions, including North Caucasus, Irkutsk, and Donetsk. The restriction will last until March 15, 2031, potentially reducing energy system load by over 2 GW. Concerns arise over economic impacts and decreased technology investments.
Moscow Region might face a ban on cryptocurrency mining due to potential electricity shortages and grid overloads. Authorities are evaluating restrictions to maintain energy supply quality.
New electricity consumption limits in Irkutsk don't consider the region's harsh climate, causing concerns about prolonged heating needs. Governor Igor Kobzev seeks higher thresholds to ease the financial strain on residents.
Miner revenues have decreased to under $45 per PH/s, making older mining equipment like the Antminer S19 Pro unprofitable if electricity costs exceed $60/MWh. Increased network difficulty and hashrate are reducing profitability, even at high bitcoin prices, prompting miners to consider upgrading their equipment.
TeraWulf partners with nuclear energy to secure electricity costs at $0.02 per kWh, boosting profitability and sustainability.
Russia imposes electricity consumption limits on private crypto miners starting November 1 to regulate resource usage. Unregistered or limit-breaking miners face restrictions. The move aims to reduce energy load and control mining activities.
Evgeny Grabchak proposes making miners part of a consumer category that allows grid disconnection to prevent power overloads. This may impede investments in Russian mining.
Russia faces power outages due to illegal "gray mining" of cryptocurrencies. This has led to increased electricity consumption and grid overloads. Authorities plan to introduce fines and confiscation measures to stabilize the energy system.
The U.S. government is considering a 10% tax on electricity used for crypto mining. It aims to generate $300 million annually and push for energy-efficient technologies. Mining firms oppose it due to competitiveness concerns.
Russia’s crypto mining capacity has reached 2.5 gigawatts, showcasing its rapid industry development and potential global leadership.
Authorities in Dagestan discovered underground crypto mining farms evading laws, consuming substantial power and causing infrastructure damage.
Bitcoin mining operations in Texas could consume up to 50% of the state’s electricity demand by 2026, raising concerns about power grid strain and environmental impact.
Bitcoin mining in Texas helps stabilize the power grid by absorbing surplus energy when electricity production exceeds demand and turning off during peak demand times.
