Bad news came from Russia, which recently allowed Bitcoin (BTC) and cryptocurrency payments for international payments.
According to AA, Russian Deputy Energy Minister Yevgeniy Grabçak said that cryptocurrency mining will be banned in some regions due to excessive electricity consumption.
Speaking at the “RBK Tech Forum” event held in Moscow, Yevgeniy Grabçak stated that there is an electricity shortage in some regions of Russia, which is due to the excessive electricity use of cryptocurrency miners.
Grabçak added that excessive electricity usage by crypto miners has caused power outages in some areas.
Noting that the regions where the outages occurred were in the Far East and the south of Siberia, Grabçak said, “In the near future, it is planned to ban mining at the state level in some regions.”
As is known, Russian President Vladimir Putin approved the law legalizing cryptocurrency mining throughout the country on August 8.
According to the law, individuals and companies determined by the Russian government will be able to mine cryptocurrencies, provided that they do not exceed the specified energy consumption limits.
*This is not investment advice.