BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

Russian Crypto Miners Consume More Energy than Local Agriculture Sector

Alexa by Alexa
June 9, 2022
in Crypto, Politics
Reading Time: 2 mins read
A A
Russian Crypto Miners Consume More Energy than Local Agriculture Sector
1
SHARES
13
VIEWS
Share on TwitterShare on Reddit

According to the most recent Russian government survey, crypto miners account for 2% of the total electricity in the country.

You might also like

Bitcoin Price Prediction: BTC Back Below $28K As US Banking Crisis Escalates

Crypto Flourishes in Vietnam with 16.6 million Holders

Crypto Twitter Thinks the Fed’s $297B Balance Sheet Expansion Is ‘QE’, but It’s Not

Following the most recent mining prognosis, Russia’s Deputy Minister of Trade and Industry Vasily Shpak called for the crypto mining business to come forth under the rule of law.

More than the Country’s Allocation

According to a new study, the energy consumption share of the crypto mining sector has exceeded that of agriculture in Russia, suggesting signs of recovery. After Russia departed the top three countries for Bitcoin mining hash rate share, it was no longer among the top three.

The legality of crypto mining in Russia is characterized as a “gray area.” It implies that it is neither prohibited nor regulated, posing a danger to those who participate in it. When the crypto mining company has been brought under control, the deputy minister vows that it will transition to more energy-intensive processes.

The Congested Crypto Mining Industry in Russia

The Russian Federal Service for Financial Monitoring has recently stated that it will be taking action against those who illegally mine cryptocurrency. In their report, the service revealed that it had detected more than $50 million in crypto-related crimes in the past year.

This is not the first time that the issue of crypto mining energy consumption has been brought to light. In November of 2017, it was reported that Russia was home to around 20% of the world’s Bitcoin mining hash power.

At the time, Russian President Vladimir Putin had called for regulation in the cryptocurrency space. However, no regulations have been put in place until recent events.

Only days after the country’s lawmakers proposed an amended version of the crypto mining bill, fresh proposals for cryptocurrency mining rules surfaced. The formal registration and acceptance of a one-year tax amnesty were removed from two subsections of the new legislation.

Meanwhile, the Russian central bank proceeds to press for a total ban on mining operations.

According to the most recent Bitcoin Electricity Consumption Index from Cambridge University, Russia’s BTC mining hash rate share has fallen to 4.55 percent. It was followed by Kazakhstan, China, and the United States.

Tags: EnergyMiningRussia
TweetShareShare

Recommended For You

Bitcoin Price Prediction: BTC Back Below $28K As US Banking Crisis Escalates

by BlockNews Team
March 22, 2023
0
bitcoin price

Bitcoin price has been on a notable uptrend, rising 43% in a span of two weeks. The US banking crisis worsens and could claim First Republic Bank as...

Read more

Crypto Flourishes in Vietnam with 16.6 million Holders

by BlockNews Team
March 22, 2023
0
vietnam crypto

Vietnam has emerged as a key player in the international cryptocurrency market, with about 17% of its population possessing digital currencies. Bitcoin is the most popular digital currency,...

Read more

Crypto Twitter Thinks the Fed’s $297B Balance Sheet Expansion Is ‘QE’, but It’s Not

by BlockNews Team
March 22, 2023
0
crypto twitter

The most recent rise in the central bank's balance sheet, according to some analysts, is not as obviously stimulative as the one that came after COVID-19. The US...

Read more

Ripple-SEC Case: XRP Price Turns Bullish As Coinbase Hints At Relisting

by BlockNews Team
March 22, 2023
0
xrp

Coinbase could relist the XRP token if Ripple wins the ongoing lawsuit against the SEC. The exchange will initiate the relisting process immediately after the court pronounces itself...

Read more

Solana’s Top DEX Orca Restricts Access For American Users

by BlockNews Team
March 22, 2023
0
orca.so

US-based users will be banned from trading on Orca’s web interface beginning March 31st. Orca said the ban exempts those who trade directly using smart contracts and their...

Read more
Next Post
Universal Music Group Plans to Sell NFTs on LimeWire’s Algorand Platform

Universal Music Group Plans to Sell NFTs on LimeWire’s Algorand Platform

Related News

silicon valley bank

Top Executives Of Silicon Valley Bank Company Sued For Fraud

March 14, 2023
Neal Mohan

YouTube Appoints Web3-Friendly Exec as New CEO

February 21, 2023
You Can Now Use Shiba Inu Tokens for Lands in Its Metaverse

You Can Now Use Shiba Inu Tokens for Lands in Its Metaverse

August 13, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Bitcoin Price Prediction: BTC Back Below $28K As US Banking Crisis Escalates March 22, 2023
  • Crypto Flourishes in Vietnam with 16.6 million Holders March 22, 2023
  • Crypto Twitter Thinks the Fed’s $297B Balance Sheet Expansion Is ‘QE’, but It’s Not March 22, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?