Michaela
Russia Deputy Prime Minister Yuri Trutnev has proposed using surplus electricity in the Far East for cryptocurrency mining, instructing both new and idle power plants to support Bitcoin mining rigs.
According to Amurskoye Oblastnoe Televidenie, Deputy Prime Minister Yuri Trutnev held a meeting discussing energy development in the Far Eastern Federal District. Trutnev suggested that turning the Far East into a crypto mining hub could solve the region’s electricity surplus problem.
The Deputy Prime Minister argued that maintaining energy reserves is costly, and using the surplus to power crypto miners could help offset these expenses. Trutnev emphasized that this strategy would allow for a more productive use of the surplus energy.
Trutnev emphasized that the Far East’s growing number of investment projects requires proactive capacity planning. To ensure these projects don’t remain underutilized, he proposed harnessing the region’s surplus energy for cryptocurrency mining, instead of letting it go to waste. This strategy would help address both energy management and the region’s development goals.
“The task is very simple: we need to provide all investment projects – both those already being implemented and those that will be created in the Far East – with electricity on time and at the most affordable prices,” Trutnev stated.
Trutnev directed the Ministry for the Development of the Russian Far East, the Far Eastern Development Committee, and local authorities to compile and submit data to the Russian government and the Ministry of Energy.
This information should outline electricity requirements and identify the necessary infrastructure for new power generation facilities to meet growing demand in the region.
Russia’s Crypto Pivot
Russia’s pivot towards cryptocurrency has gained significant momentum in recent months, marked by increased discussions and initiatives aimed at integrating digital assets into the economy.
Last month, Rosseti, Russia’s top energy provider, began exploring the potential for crypto mining by utilizing surplus electricity from low-demand power plants. The company is considering the establishment of mining centers across the country to harness this unused energy.
Rosseti aims to attract cryptocurrency miners to low-demand regions by offering discounted electricity tariffs. The company is also implementing a power management system to monitor and regulate energy consumption, ensuring efficient usage while tapping into surplus electricity for mining operations.
Additionally, Russia has been taking significant steps to tighten its control over cryptocurrency mining. President Vladimir Putin signed a law that transferred the responsibility of overseeing mining operations to the Federal Tax Service (FTS).
The law also imposed stricter regulations on mining locations, addressing concerns about power shortages caused by mining activities. These measures are designed to regulate and monitor the industry more effectively while mitigating the impact on the country’s energy infrastructure.
Read More
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- Russia Weaponizing Bitcoin? New Law Allows Crypto to Bypass Western Sanctions
- Putin Shifts Russia Crypto Mining Oversight to Federal Tax Service
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
