A recent government estimate shows that nearly 2% of the total electricity consumption in Russia goes into crypto mining.
What Happened: According to a CoinTelegraph report, Vasily Shpak, the Russian deputy minister for trade and industry, called for bringing the cryptocurrency mining industry under the purview of the law.
“Do you know how much mining accounts for in the overall map of electricity generation in our country? And I’ll tell you: more than 2%. This is more than the cost of electricity for agriculture. We cannot but recognize mining in this sense as an industrial activity or industry,” Shpak said.
The mining of cryptos such as Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD in Russia falls into a gray area. Although there’s no restriction on trading or mining, the industry is not regulated either.
This came days after the Russian parliament introduced an updated version of a crypto mining bill.
Price Action: According to data from Benzinga Pro, Bitcoin was trading at $31,681, up 4.87% in the last 24 hours. At the same time, Ethereum and Dogecoin gained 3.6% and 3.3%, respectively.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month