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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Official Hyperliquid NFTs Hit All-Time High of $65,000 on OTC Desks

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    NFTs Weekly Sales Surge 24% to $142M, Guild of Guardians & Immutable Dominate in Sales

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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Home Mining

Putin warns of power shortages from Bitcoin mining, calls for expansion of CBDC

July 18, 2024
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Putin warns of power shortages from Bitcoin mining, calls for expansion of CBDC
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From Subsidies to Shutdowns: Norway Moves to Restrict Bitcoin Mining

Norway eyes crypto mining ban amid local firms’ heavy investments in Bitcoin

Russian President Vladimir Putin warned that crypto mining could lead to significant power shortages in some regions of the country while calling for an expansion of its central bank digital currency (CBDC), the digital rouble, in a July 17 meeting.

Putin said that Bitcoin and other crypto mining facilities’ uncontrolled electricity consumption is already causing power shortage issues in several areas, including the Irkutsk region, Buryatia, and Trans-Baikal Territory.

He called the issue “acute and fraught with serious consequences” to enterprises, residential areas, and social facilities, potentially halting investment and infrastructure projects.

Putin noted that crypto mining in Russia uses 16 billion kilowatt-hours (kWh) annually, or 1.5% of the country’s total electrical consumption, and said usage is rising. He attributed the growth to Russia’s low electricity prices and the ease of moving mining equipment.

He described instructions for federal mining legislation, including taxation and tariffs.

On July 17, Agence France-Presse said Russian lawmakers are set to discuss draft legislation that permits only approved companies to engage in large crypto-mining operations while allowing the government to ban mining in regions with energy shortages.

One week earlier, Russian newspaper Kommersant said the State Duma Committee on the Financial Market approved a draft bill to decriminalize crypto mining in Russia while banning crypto from circulation. Russia’s current laws reportedly ban crypto settlements but not circulation.

Extension of CBDC post-pilot

During the latest hearing, Putin also said that the country must move to a “wider, full-scale implementation” of its CBDC, the digital rouble.

See also  Bitcoin Miners' Earnings Hit Record $2 Billion in March Ahead of Halving Event

He said the country’s digital rouble pilot has achieved over 27,000 transfers and 7,000 payments for goods and services, demonstrating the asset’s “performance and functionality.” He reported participation from 12 banks, 600 individuals, and 22 trade and service enterprises across 11 cities.

In an earlier June report, Chairman of the Russian State Duma’s Financial Markets Committee Anatoly Aksakov said Russia could begin using its digital rouble domestically in the second half of 2025 following testing for domestic transactions.

Russia’s central bank launched the pilot program in August 2023.

Tags: BitcoincallsCBDCexpansionMiningPowerPutinShortageswarns

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