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Putin fears crypto mining could cause energy shortages in Russia
(www.politico.eu)
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this post was submitted on 18 Jul 2024
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This is the best summary I could come up with:
Russia could face electricity disruptions if the government doesn't get crypto mining under control, Russian President Vladimir Putin said on Wednesday.
Crypto is often used by Russians who live abroad to bypass Western sanctions which prevent them from accessing normal banking services.
"I have already given instructions to regulate the mining of digital currencies in Russia, including issues of taxation of this activity and tariff decisions."
New enterprises and residential districts will face electricity shortages if cryptocurrency mining farms take over all the free energy capacity, and investment projects will be put on pause, Putin added, per Ria news agency.
His claim came the same day Russia was forced to introduce electricity cutoffs in several regions due to a glitch at the Rostov nuclear power plant.
Crypto mining is extremely energy-intensive, causing electricity supply challenges even in energy giants like Russia and the United States.
The original article contains 290 words, the summary contains 145 words. Saved 50%. I'm a bot and I'm open source!