Government Says Crypto Miners Consume 2% of Russia’s Total Electricity

According to the latest government estimates, crypto miners account for 2% of Russia’s total electricity consumption.

The crypto mining industry’s share of energy consumption has surpassed that of the country’s agricultural sector, showing signs of recovery after Russia fell out of the global Bitcoin top three (bitcoin) share of mining computing power.

Vasily Shpak, Russia’s Deputy Minister of Trade and Industry, has called for the mining industry to be brought under the law following recent mining estimates.he Say:

“Do you know how much mining accounts for in our country’s total electricity generation? Let me tell you: more than 2%. That’s more than the cost of electricity for agriculture. We have to admit that mining feels like an industrial activity or an industry here.”

Cryptocurrency mining in Russia is in a “grey area,” if not banned, and not regulated, creating risks for players in the industry. The deputy minister also assured that once the crypto mining industry is regulated, it will move to more energy-intensive methods.

related: Russia uses cryptocurrencies for international payments amid sanctions: report

Just as the country’s lawmakers introduced a Updated Version of the Crypto Mining ActThe updated bill removes two subsections – the obligation for mining operators to join a special registry and a one-year tax amnesty for all registrants.

In addition to the Deputy Minister of Trade, the country’s Prime Minister Mikhail Mishustin has also been hit for researching the cryptocurrency mining industry, in April, Mishustin Say:

“We also think that in order to stimulate investment, mainly fixed capital, we can talk about mining, which is the creation of data centers and related infrastructure,”

On the other hand, the Central Bank of Russia continues to Call for a total ban on mining operations domestic.

Bitcoin mining hash rate share.Source: Commercial Bank of China

Bitcoin in Russia The proportion of mining computing power dropped to 4.55% In the latest report of the Cambridge Bitcoin Electricity Consumption Index (CBECI), it is second only to Kazakhstan, China and the United States.