Russia’s Energy Ministry prioritizes social development over Bitcoin mining
Russia’s stance on supplying energy for Bitcoin mining activities
Despite potential as a Bitcoin mining powerhouse, Russia focuses on supporting social development over cryptocurrency activities. Energy Minister Sergei Tsivilev announced that surplus energy from power plants could be allocated to legal bitcoin miners to prevent negative impacts on plant operations.
Speaking at the Easter Economic Forum in Vladivostok, Tsivilev emphasized the importance of utilizing excess energy for Bitcoin mining during periods of low consumer demand. He stressed that only surplus energy would be allocated to registered and tax-compliant miners to ensure transparency and compliance with regulations.
Tsivilev stated:
“When there is a surplus, so that the stations work at full capacity, we are ready to give this surplus energy to miners. But on condition that only surplus energy. And again on condition that the miner must be legal.”
Although President Putin signed a cryptocurrency mining law in August to regulate the industry and eliminate the gray zone, concerns remain about potential regional bans on mining activities. Tsivilev reiterated that Russia’s focus remains on social development and industrial growth.