Key Points:
- Russia’s largest energy supplier, Rosseti, plans to initiate cryptocurrency mining operations by collaborating with Bitcoin mining firms at low-load power supply centers.
- The company aims to boost grid utilization, increase tariff revenue, and support Russia’s economy by leveraging special electricity pricing and load management.
- Despite a nationwide mining ban in certain regions, the Rosseti Bitcoin mining initiative seeks to capitalize on idle power capacity.
Russia’s largest energy supplier, Rosseti, plans to venture into cryptocurrency mining, aiming to utilize its low-load power supply centers for Bitcoin operations.
Read more: Russian Bitcoin Payments Now Motivated to Fight Western Sanctions
Rosseti Crypto Mining Operations Proposed to Expand in Russia
The company seeks to collaborate with mining firms while acting as the central operator for infrastructure deployment. Rosseti’s strategy focuses on increasing grid efficiency, boosting revenue, and supporting the national economy through enhanced energy utilization. The company is also seeking approval to coordinate the deployment of Rosseti Bitcoin mining centres across various regions.
In a proposal to Russian Prime Minister Mikhail Mishustin, Rosseti CEO Andrey Ryumin emphasized the potential benefits of cryptocurrency mining, such as higher grid load, improved tariff revenue, and increased tax contributions.
Mining Initiative Moves Forward Amid Regional Cryptocurrency Ban
The Rosseti Bitcoin mining initiative comes as Russia grapples with energy challenges. A cryptocurrency mining ban was imposed last year in ten regions to address surging energy demand. The restriction, effective until March 2031, also applies to six territories in Ukraine under Russian occupation.
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