Crypto miners in Russia account for two percent of the total electricity consumption according to the latest government estimate.
The energy consumption of the crypto mining industry has exceeded the country’s agricultural sector, showing signs of recovery after Russia fell out of the top three in the global Bitcoin mining hash rate share.
Crypto mining in Russia falls under the gray zone where even though it is not banned, it is not regulated either, which produces a risk for those involved in the industry. The deputy minister of trade and industry Vasily Shpak assured that once the crypto mining industry is regulated, it would move toward more energy-intensive methods.
The calls for regulating the crypto mining industry come just days after legislators in the country introduced an updated version of the crypto mining bill. The updated bill removed two sub-sections – the obligation for mining operators to join a special registry and a one-year tax amnesty for all those who’ve registered.
Apart from the deputy minister of trade, the country’s Prime Minister Mikhail Mishustin has also batted for looking into the crypto mining industry.
The Russian central bank on the other hand continues to call for a blanket ban on mining operations in the country.
