Vasily Shpak shares his thoughts on cryptocurrency mining in Russia
- Digital currency miners account for more than 2% of the total electricity consumed in Russia.
- Crypto mining is currently located in what is called the “gray zone” and is not taxed.
- Shpak said: [an] Industrial activity. “
Cryptocurrency mining is the process of collecting cryptocurrency transactions made on the network into the blockchain, which requires equipment that consumes a lot of energy.
According to a survey released by the Cambridge Alternative Finance Center in October 2021, the United States accounts for 35.4% of the hash rate, Kazakhstan accounts for 18.1%, and Russia accounts for 11%.
Vasily Shpak, Deputy Chief Cabinet Secretary of the Ministry of Industry and Trade of Russia, gave his opinion on this issue in a speech on May 27. According to Shpak, “Digital currency miners make up more than 2% of total electricity. It was consumed in Russia.”
He emphasized that these numbers are higher than the electricity bill for agriculture.
Shpak, crypto mining …