According to the Russian Ministry of Energy, miners consume an insignificant share of all electricity in the country – only 0.64%.
The data is confirmed by the Cambridge Bitcoin Miner Energy Consumption Index. Russia has left the top 3 in terms of the hashrate of the Bitcoin network. At the same time, the Russian energy system has a “margin” of safety and can easily meet the demand from miners:
“Energy companies can provide reliable power supply to all consumers, including miners, with the legalization and correct regulation of such activities without negative consequences for the power industry.”
Earlier, Deputy Head of the Ministry of Industry and Trade of the Russian Federation Vasily Shpak said that the extraction of digital currencies takes 2% of the total amount of electricity consumed.
Recall that in Russia, work continues on a bill on the regulation of cryptocurrencies, including the status of mining in the Russian Federation. However, according to Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, this draft law may not be adopted in the near future.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
