Russia's Crypto Mining Shift: A Move Towards Renewable Energy Amid Bans
by aria-crypto.com
January 1, 2025 at 03:10
Russia's Crypto Mining Shift: A Move Towards Renewable Energy Amid Bans
Russian crypto miners are considering the transition to renewable energy sources in response to regional bans and growing business requirements for climate neutrality. Alexey Zhikharev, the Director of the Russian Renewable Energy Development Association, highlighted the inevitable shift miners must make toward renewable resources to stay operational. This move is critical as Russian crypto mining companies have grown to use about 1% of the nation's total energy consumption, primarily reliant on carbon-intensive thermal power plants. Recent bans affecting 10 Moscow-controlled regions, prohibiting crypto mining activities in energy-deficient areas until 2031, have accelerated this need for change. Market demand for cryptocurrencies mined using climate-neutral technologies is expected to increase, as customers are becoming wary of tokens produced with fossil fuel energy. Additionally, with Russia's energy sector heavily dominated by fossil fuels, comprising 64% of its mix and only a small fraction from renewables like wind farms and solar power, the urgency for a sustainable pivot is more pronounced. Critics also note that Russia's emissions from the power sector are among the highest globally, prompting a stronger push towards decarbonization within the industry.
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