• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Trump Linked Firm Trims Stake in Major Crypto Venture, Big Sell-Off Ahead?
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Trump Linked Firm Trims Stake in Major Crypto Venture, Big Sell-Off Ahead?
Crypto

Russian Energy Minister Wants To Legalize Crypto Mining – The Sanctions Are Hurting The Country?

Christian Encila
by Christian Encila
3 years ago
·
Posted in Bitcoin, Bitcoin Mining, News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The tables have turned in Russia as the country’s energy minister calls for the legalization of crypto mining.

Russia has had to fend for itself in recent months as it has faced escalating sanctions from the West and other nations.

On Saturday, Deputy Energy Minister Evgeny Grabchak stated that Russia’s mining sector is now operating in a “legal vacuum” that must be addressed immediately.

Suggested Reading | Hacker Group Anonymous Leaks 35,000 Files Of Stolen Russian Central Bank Documents

Turning To Crypto For Help?

According to Grabchak, Russia has to lift the curtain surrounding laws and exploit crypto mining to its benefit, adding that the government should select where they want miners clustered for maximum output in a display of good faith.

Grabchak’s remarks came in the aftermath of some of the most severe economic sanctions ever imposed on Russia in response to its invasion of Ukraine. Russia is effectively cut off from the western banking system as a result of the sanctions.

The official said:

“This legal void must be filled immediately. If we are to coexist with this activity, and we now lack other options, we must enact legal legislation, incorporating the notion of mining into the regulatory system.”

Russia, which has abundant energy resources, has long been considered a possible location for Bitcoin mining as a means of coping with ever-tougher sanctions imposed on the country.

BTC total market cap at $899.54 billion on the daily chart | Source: TradingView.com

Alternative Source Of Revenue

Grabchak emphasized that it would be more efficient to decide mining areas and allocate energy resources to miners at the regional level than the federal level, and that this should be guided by regional development plans.

He stressed the importance of capping energy use in regional development plans, which will result in a more efficient market.

Recently, Russian State Duma member and Energy Committee Chairman Pavel Zavalny proposed Bitcoin and national currencies as alternative payment methods for energy exports to “friendly countries.”

Suggested Reading | Rio De Janeiro To Enable Crypto Tax Payments Starting Next Year

Choking Russia’s Economy

The US and its partners have taken steps to ensure that the Russian government cannot conduct financial transactions in the crypto field. While the majority of large cryptocurrency exchanges operate in Russia, they have been forced to comply with blacklists targeting certain Russian organizations.

Meanwhile, Russia has seen a dramatic growth in cryptocurrency usage this year, with a government report earlier revealing that Russians possessed almost 12% of the world’s total cryptocurrency, or roughly $240 billion.

The country’s plentiful energy supply, combined with its frigid environment, makes it a suitable mining option. Before the Ukraine war broke out, crypto advocates predicted that Russia will be the next major mining hub, following crackdowns in mining regions China and Kazakhstan.

Featured image from Coingape, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Bitcoin

Strategy’s Michael Saylor Shrugs Off Lawsuit, Signals Next Bitcoin Acquisition

10 hours ago
Bitcoin

Texas Signs Strategic Bitcoin Reserve Into Law – Details

1 day ago
Bitcoin

Bitcoin Bears Take The Wheel — Why $94,000 May Be The Next Critical Zone

1 day ago
Bitcoin

Bitcoin Treasury Companies: A Double-Edged Sword For The Market – Here’s Why

1 day ago
Bitcoin

Bitcoin On-Chain Metrics Crash To Bear Market Levels Despite Price Sitting Close To ATH

1 day ago
Bitcoin

Bitcoin Price Pattern Hints At $100,000 Target – Here’s Why

1 day ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Green Cloud Mining earns $3,777 a day: Helps you easily...

    34 minutes ago
  • Musk calls again! Earn high returns on Dogecoin with...

    2 hours ago
  • Musk’s attention has set off a new wave of...

    2 hours ago
  • REEF CHAIN ANNOUNCES LANDMARK PRINCIPAL PARTNERSHIP WITH...

    6 hours ago
  • Using BTC, USDC to earn 1700 euros per day through BCC...

    6 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.