Russia to ban crypto mining in certain territories for winter: report

Russian authorities plan to ban cryptocurrency mining in specific regions, including certain occupied Ukrainian territories, to address power shortages, the Moscow Times reported on Tuesday.

Deputy Prime Minister Alexander Novak led a government commission to plan the ban as the country aims to restrict crypto mining activities during the heating season, according to the report .

The ban covers six regions in the North Caucasus and occupied Ukraine, with mining banned from December 2024 through March 2031. The Zabaikalsky region in Siberia will also face mining bans from December 2024 to mid-March next year, followed by annual restrictions during the winter season through 2031.

The planned mining ban came after Russia President Vladimir Putin signed new laws earlier this month to regulate crypto mining, according to the report. The Russian government has also approved draft amendments to a bill on taxing income and expenditures from crypto transactions and mining, Russian news agency Interfax reported on Monday.

Earlier this month, the Russian government also set a power consumption limit of 6,000 kWh per month for unregistered individual miners. Miners exceeding this limit will only be allowed to continue mining if they register as individual entrepreneurs, according to Interfax.