Russia’s government’s got a plan to kick crypto miners outta the energy-starved parts of the country, send ’em packing to the barren, frozen north. The land of ice, old oil fields, and empty power plants.
Why? To save electricity where it’s needed most and put those dusty, unused infrastructures to work. The key is the empty power plants phrase.
Surplus
Deputy Energy Minister Evgeny Grabchak spilled the beans in an interview, and he said Russia’s northern regions have a bunch of unused power plants and transmission lines just sitting there, wasting money on upkeep. Dismantling and moving them?
Not always possible. So why not let the crypto miners use that excess juice?
The government’s even talking about letting miners pay grid rates for electricity, meaning they cover mostly the cost of moving power around, not the full price of the juice itself.
Not exactly a discount, but a different way to slice the pie.
Relocation
Grabchak’s idea isn’t brand new, tho. Back in early May, he hinted at this northern exodus after Russia started banning mining in energy-strapped regions.
Now, the ban’s spreading, covering the entire north, parts of the northwest, and some areas in the Volga region.
The government’s tightening the noose on mining where power’s scarce, trying to keep the grid stable.
Picture this, miners lugging their rigs up to the cold, where oil fields once roared but now sit quiet.
It’s a tough gig, harsh weather, remote locations, but the upside? Lower energy costs and a shot at keeping their operations alive without draining the country’s power. Advantages, and disadvantages, you know.
Snowtime
This move shows Russia’s juggling act, balancing the booming crypto craze with real-world energy crunches.
It’s a cold, calculated shuffle, pushing miners to where the juice flows freely, while protecting the rest of the grid from blackouts.
So, if you’re a crypto miner in Russia, better start packing your bags for the Arctic. The north is the new frontier.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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