Vasily Shpak Shares His Thoughts on Crypto Mining in Russia
2022.05.29 14:31
Vasily Shpak Shares His Thoughts on Crypto Mining in Russia
- The miners of digital currencies account for more than 2% of the total volume of electricity consumed in Russia.
- Crypto mining is currently in what is called a “gray zone” and is not taxed in any way.
- Shpak stated that “mining must be recognized, regulated and built into [an] industrial activity.”
Crypto mining is the process of collecting cryptocurrency transactions made in the network into a blockchain, which requires energy-intensive equipment.
According to a study published in October 2021 by the Cambridge Center of Alternative Finance, the US accounts for 35.4% of the hash rate, Kazakhstan for 18.1%, and Russia for 11%.
Vasily Shpak, the deputy head of the Russian Ministry of Industry and Trade, revealed his opinion on the matter in a speech on May 27. According to Shpak, “the miners of digital currencies account for more than 2% of the total volume of electricity consumed in Russia.”
He highlighted that these numbers are higher than the cost of electricity for agriculture.
Shpak added that crypto mining is …
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