Russia Proposes Using Surplus Electricity For Crypto Mining

According to ShibDaily, Russia's Deputy Prime Minister Yuri Trutnev has proposed utilizing surplus electricity in the Far East for cryptocurrency mining. During a meeting focused on energy development in the Far Eastern Federal District, Trutnev suggested that transforming the region into a crypto mining hub could address the issue of excess electricity. He argued that maintaining energy reserves is expensive, and using the surplus for crypto mining could help offset these costs. This approach would also ensure a more productive use of the surplus energy. Trutnev highlighted the importance of proactive capacity planning to support the growing number of investment projects in the Far East. To prevent these projects from being underutilized, he proposed using the region's surplus energy for cryptocurrency mining rather than letting it go to waste. This strategy aims to address both energy management and regional development goals. Trutnev stated, "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." He instructed the Ministry for the Development of the Russian Far East, the Far Eastern Development Committee, and local authorities to gather and submit data to the Russian government and the Ministry of Energy. This data should outline electricity requirements and identify the necessary infrastructure for new power generation facilities to meet the region's growing demand. Russia's interest in cryptocurrency has been gaining momentum, with increased discussions and initiatives aimed at integrating digital assets into the economy. Recently, Rosseti, Russia's leading energy provider, began exploring the potential for crypto mining by utilizing surplus electricity from low-demand power plants. The company is considering establishing mining centers across the country to harness this unused energy, offering discounted electricity tariffs to attract cryptocurrency miners to low-demand regions. Additionally, Rosseti is implementing a power management system to monitor and regulate energy consumption, ensuring efficient usage while tapping into surplus electricity for mining operations. Furthermore, Russia has been taking steps to tighten control over cryptocurrency mining. President Vladimir Putin signed a law transferring the responsibility of overseeing mining operations to the Federal Tax Service (FTS). The law also imposed stricter regulations on mining locations to address concerns about power shortages caused by mining activities. These measures aim to regulate and monitor the industry more effectively while mitigating the impact on the country's energy infrastructure.