Crypto Mining Accounts for 1.5% Russia’s Electricity Consumption

Cryptocurrency mining accounts for 16b kWh a year, or almost 1.5% of Russia’s electricity consumption, and the figure continues to rise, President Vladimir Putin said at his meeting with government.

• Uncontrolled increase of electricity consumption for crypto mining may lead to power shortage in some regions
  • That’s already noted in Buryatia, Irkutsk and Zabaykalsky regions
  • “The issue is actually acute and fraught with serious consequences for enterprises in housing and utilities services of specific cities and towns”
• Russia needs to take “a systemic decision,” including at the level of a federal law
• Putin also called for broader usage of digital ...